Nollywood Filmmaker Critiques Nigeria's Currency Value

Olaide Olabanji, a veteran Nollywood filmmaker and founder of LAIBAN movie production, expressed his dismay over the poor purchasing power of Nigeria's highest currency note, the N1,000, in an Instagram video posted on Wednesday. The N1,000 note was introduced on October 12, 2005, during President Olusegun Obasanjo's administration, when the official exchange rate was N132 to the US Dollar, making the note worth over $7 at that time.

However, according to a report by Quartus Economics, the N1,000 note has lost over 94% of its purchasing power since its introduction. Olabanji lamented that the N1,000 note cannot buy even 1 liter of petrol or 1 kg of gas, highlighting the severe economic challenges facing Nigeria.

He criticized the situation, stating, "Something is definitely wrong with Nigeria. So sad.".