Nigeria’s highest currency can’t buy 1 liter of fuel – Nollywood filmmaker, Olaide Olabanji
Olaide Olabanji, a veteran Nollywood filmmaker and founder of LAIBAN movie production, has lamented the poor purchasing power of Nigeria’s highest currency note, N1,000.
DAILY POST reports that N1,000 note was introduced on October 12, 2005 during President Olusegun Obasanjo’s administration.
In 2005, the US Dollar to Naira official exchange rate was N132.
At that time, the N1,000 note was worth over $7.
Today, according to a report by Quartus Economics, N1,000 has lost over 94% of its purchasing power since its introduction.
Lamenting the situation in an Instagram video on Wednesday, Olaide Olabanji, who is a known critic of bad governance, lamented that something is wrong with Nigeria.
Expressing sadness over Nigeria’s worsening economy, he said, “Your highest money N1,000 cannot buy 1kg of gas. Your highest currency cannot buy you one liter of petrol. Something is definitely wrong with Nigeria. So sad.”
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