Veteran Nollywood filmmaker and founder of LAIBAN Movie Production, Olaide Olabanji, has expressed concern over the declining purchasing power of Nigeria’s N1,000 note, describing it as a reflection of the country’s worsening economic situation.
Olabanji made the remarks in a video shared on his Instagram page on Wednesday, where he criticised the rising cost of living and the weakening value of the naira.
The N1,000 note, Nigeria’s highest denomination, was introduced on October 12, 2005, during the administration of former President Olusegun Obasanjo. At the time, the official exchange rate stood at about N132 to one US dollar, giving the note a value of more than seven dollars.
More than two decades later, the value of the currency has declined significantly. According to economic reports, the N1,000 note has lost much of its purchasing power since it was introduced.
Reacting to the development, Olabanji said the denomination can no longer buy basic household necessities.
“Your highest money, N1,000, cannot buy one kilogram of cooking gas. Your highest currency cannot buy one litre of petrol. Something is definitely wrong with Nigeria. So sad,” he said.
The filmmaker, who has previously spoken out on governance and economic issues, said the situation reflects the hardship many Nigerians are currently facing amid rising inflation and increasing living costs.
