Ayo Olorunfemi, Labour Party Deputy National Chairman under the Julius Abure faction of the party, has stated that the Nigerian economy has worsened compared to previous years. He said during the administration of former President Goodluck Jonathan, the naira was far stronger against the West African CFA franc used in neighboring countries.
In an interview with TVC, Olorunfemi stated that under Jonathan’s government, two hundred thousand naira could be exchanged for about one million CFA in the Republic of Benin. He said the situation has now changed drastically. He said if someone takes one million naira to the Republic of Benin today, the person would get only about three hundred thousand CFA in return. This, he said, shows how much value the naira has lost
Olorunfemi said it is now left for Nigerians to decide whether they are satisfied with the current state of the country or not
In Olorunfemi’s words: “Before Jonathan left the government, if you take two hundred thousand naira to Republic of Benin, you will collect one million CFA. Now take your one million naira to the Republic of Benin, you will collect about three hundred (thousand) naira. Are we moving forward? The choice is now for Nigerians”
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