I almost wept for Nigeria after exchanging N500 for $1 – Davido

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Nigerian music sensation, Davido says he was moved to tears for Nigeria after he exchanged N500 for $1.

He took to Twitter to state this on Monday, but did not state if he bought the dollar from a bank (official window) or Bureau-de-Change (parallel market).

However, The Herald can report that the naira weakened to N500/$ at the black market at the weekend as the parallel market responded to the fresh devaluation of the naira amidst growing foreign exchange liquidity constraints.

The Central Bank of Nigeria (CBN) had adjusted the value of the naira by N6 against the dollar on Friday, the third time the naira would be officially devalued this year.

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Nairametrics reported that exchange rate between the naira and dollar depreciated to N390/$1 at the FMDQOTC NAFEX market, an official market where the exchange rate is traded.

Taking to Twitter, Davido expressed surprise at the huge dip in the value of Nigeria’s currency.

He wrote, “Dollar don reach 500 … I changed naira to dollar today and I almost cried smh this country nawa.”

See tweet:

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