Davido Raises Alarm Over Dollar Naira Exchange Rate, Says ‘Drastic Action Is Needed’

Popular Nigerian singer, Davido has taken to social media to call for urgent action towards reversing the rise in the rate of naira and dollar.

Dollar-Naira Exchange Rate

While the official Dollar-Naira exchange rate last at today stands at $1 to N415.65, On the black market, the BDC operators buy a dollar for N580 and sell at N610.

Taking to his Twitter page on Tuesday, May 31, the singer cried out that drastic action needs to be taken before a dollar hits N1,000.

He wrote, “Dollar heading to 1k Drastic action is needed.”

Dollar heading to 1k Drastic action is needed

— Davido (@davido) May 31, 2022

KanyiDaily recalls that comedian, Basketmouth had called on the Central Bank of Nigeria (CBN) to reintroduce the use of cowries as legal tender, noting that all the Nigerian currency denominations from N5 to N1000 when added together is less than $5.