The exchange rate of 100,000 Lebanese pound to one dollar represents a new low for the Lebanese dinar.
Tuesday marked the historic low against the dollar on the parallel market.
Read Also: VIDEO: INEC Chairman is the worst thing ever happened to Nigeria, he’s the real demon — David Ibiyeomie
The most recent setback has reduced the majority of the population to poverty.
Officially pegged at 15,000 per dollar, the pound was trading at 100,000 per dollar, according to dealers, a dizzying drop from 1,507 prior to the 2019 economic crisis.
In late January, the value of the currency on the market was approximately 60,00 per dollar.
The currency decline has resulted in price increases for fuel, food, and other basic goods, with supermarkets beginning to price items in dollars this month.
Also Read:Â News Now: Labour Party issues fresh statement on suspended youth leader
The political elite, which has been widely blamed for the country’s financial collapse, has failed to act despite the severity of the crisis.
Due to a protracted stalemate between competing factions, the country has been without a president and a permanent government for the past year.
Abu Abbas, 75, who owns a small jewellery store on Beirut’s busy Hamra Street, remarked that the lira had become completely worthless and that he was struggling to make ends meet.
“I used to pay 40,000 pounds for my wife’s medication; now it costs 900,000,” he told newsmen.
Thanks for using our platform to learn about the latest Naija News on Lebanese Currency Hits Historic Low, Exchanges 100,000 Lebanese Pound to $1
