Nigeria’s highest currency can’t buy 1 liter of fuel – Nollywood filmmaker, Olaide Olabanji

Olaide Olabanji, a prominent filmmaker in Nigeria’s Nollywood industry and founder of LAIBAN movie production, has expressed concern over the diminished purchasing power of the nation’s highest currency note, the N1,000 bill.

The N1,000 note was first introduced on October 12, 2005, during the administration of then-President Olusegun Obasanjo. At the time of its debut, the official exchange rate was approximately 132 Naira to one U.S. dollar, giving the note a value of over $7.

According to a recent report by Quartus Economics, since its introduction, the N1,000 note has lost more than 94% of its purchasing power.

In an Instagram video released on Wednesday, Olabanji criticized the current economic conditions in Nigeria, stating that the highest denomination of currency is unable to cover basic needs. He remarked, “Your highest money, N1,000, cannot buy 1 kilogram of gas. Your highest currency cannot buy you one liter of petrol. Something is definitely wrong with Nigeria. So sad.”

For more details, viewers can watch the complete video on Instagram.

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