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Naira is killing us in Dubai - Nigerians cry out

Posted by Choochoo Sports Book on May 21, 2009 at 8:07pm
THE continued fall of naira against international currencies, particularly the dollar and pound sterling is having a serious consequence on Nigerians living in Dubai, United Arab Emirate.A survey carried out by TTH in Dubai and other Emirates of the UAE, recently, showed that Nigerians are migrating out of Dubai to other Asian countries in their thousands "because the fall of naira has been making mince meat of our efforts here".Investigation revealed that Nigerians were having a rosy time in Dubai, until June 2008, when the value of a dollar was being exchanged for N118, “since then, we have never have peace for the naira continued to slide while the dollar continued to wax strong and stronger.”Speaking with TTH, Abiodun Taiwo, a Nigerian and an HND, Marketing graduate of The Polytechnic, Ibadan “I came to Dubai in 1999 and because the naira was strong then, I had good reason to thank God. And so with many of us. But since June last year our stories have changed from better to worse."Most of us have started migrating back home. Some of us have left for China, Bangkok, Malaysia, USA.“In fact, the fall of naira is not having its consequences on Nigerians in Dubai alone, but on Dubai government too because as a Cargo Manager, the volume of trade between Nigeria and Dubai has dropped drastically. Just because the profit margin of goods and services is no longer encouraging.”Another Nigerian, Christopher Okey, who operates an African Kitchen at the back of a mosque at Deira District in Dubai, was full of lamentation about the fortunes of the naira. "My brother, (covering his head with his palm) we are suffering here. Our suffering is not in the hand of the Dubai Authority or their policy or police, no. We are crying under the yoke of the free fall of naira at the foreign market."Most of us are closing our shops and heading somewhere else. I am looking for a buyer for this place. Immediately I get a buyer, I am off, either to Nigeria or Japan."Last year when you were here, you saw how busy I was. This place, (pointing to the upper floor of his restaurant) was always full. I always have hectic time attending to thousands of customers, but you can see for yourself now. How many customers have been here since?"Our fortune is dwindling because less people are coming from Nigeria to trade here".He appealed to the Federal Government to do “some arithmetics and tinker with the value of the naira and prevent its further slide at the international market.”
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