“Women’s thirst for lace wigs devalue the naira”- AriseTV’s Rotus

Rotus, a broadcaster, has alleged that Nigerian women are partly responsible for the devaluation of the naira due to their thirst for lace wigs, which causes a high demand for dollars.

This, alongside his other comments on the reasons the devaluation of the naira earned him a backlash on X. Aruoture “Rotus” Oddiri, the Host and Producer of Arise TV’s Global Business Report, shared these jolting views in a segment of Arise TV’s “The Morning Show.”

During the show on Tuesday, which discussed PwC’s recent report on the devaluation of the naira, Rotus attributed part of the currency’s depreciation to various factors.

“It is tricky to determine where the naira is. A lot of folks have continued to bemoan where the exchange rate is. The reason the FX is moving weirdly has a lot to do with demand”, Mr. Oddiri said.

He pinpointed the high demand for imported goods like lace wigs as a significant contributor. He argued that the global market for these products, particularly glueless wigs, is substantial and expected to reach $1.3 billion by 2032.

In an attempt to buttress his point, he referenced a random birthday wishlist but failed to provide real statistical evidence.

“Despite the currency devaluation, the demand for these imported wigs remains extremely high”, he highlighted.

Everyone who purchases these imported wigs plays a role in the devaluing of the naira, according to him.

The broadcaster also pointed to the real estate sector as a factor affecting the economy, arguing that many buildings use imported materials and that developers prefer payments in dollars rather than naira due to the currency’s instability.

Continuing, Rotus stated that the prevalence of domiciliary accounts is contributing to Nigeria’s devalued currency.

In concluding his economic analysis, he stated: “These are critical aspects to consider when discussing the current state of the exchange rate.”

The context of these comments is the continued decline of the naira, which recently hit a record low in the official Investor and Exporter window of the foreign exchange market, falling to N1482.57 per US dollar. This decrease represents a 9.93% drop from its previous rate.

Despite efforts by the Central Bank of Nigeria and the Federal Government to stabilize the market, the naira’s value keeps decreasing, approaching the N1,500/$ mark predicted by Johnson Chukwu of Cowry Asset Management Limited.

Rotus’ statements have been criticized for oversimplifying the economic situation and overlooking the roles of key players in the economy.

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