The former President and Chairman of Council of Chartered Institute of Bankers of Nigeria (CIBN), prof. Segun Ajibola has denied viral comments on the strength of the naira and US dollar making the round in the media. xSpeaking to The Guardian, Ajibola denies saying N500 can feed an average Nigerian per day as quoted in some social media posts. Ajibola noted that while appearing on NTA Programme, ‘Good Morning Nigerians’, he had noted that while one dollar has value in Nigeria, it may not buy anything meaningful in the US or UK. In responding to my comment that naira is strong locally but undervalued internationally, the moderator (NTA) asked for justification. When you benchmark naira against US dollar, a N500 can buy a meal in Nigeria but the one dollar equivalent cannot buy anything in the US.

Source: The Guardian September 24, 2021 09:56 UTC