Human rights advocate and attorney Mike Ozekhome has predicted that if the Naira continues to depreciate at its current rate, it may reach the 4,000 mark against the dollar before the year is out.
The Naira has significantly declined recently due to the scarcity and demand for dollars. Analysts claim that a substantial backlog in demand and ongoing difficulties with foreign exchange availability have made the issue worse.
Notwithstanding these obstacles, CBN governor Olayemi Cardoso stated he “will do what it takes” to address the monetary issue and pledged to increase currency market liquidity in his Tuesday announcement of the MPC meeting.
We have already disbursed an additional $400 million that was found. The reserves have increased to $34 billion, he stated.
Suffering: This government got off to a very bad start. Without making any effort to lessen the disastrous consequences of its termination, subsidies was eliminated.
If we don’t exercise caution before the year ends, the naira might be worth as much as ₦4000/$1.
But according to Ozekhome, who appeared on PoliticsToday on Tuesday, there are no obvious indicators that the Naira would stop falling.
“If we are not careful, the Naira may exchange for N4000 to the dollar
before the end of this year because there is nothing in place.”
We shall end up in a similar position to that of Ghana, when people were lugging cedis in baskets to the market to buy goods to stuff in their pockets.
Why do BDCs dominate our economy while sitting under tables and trees?
The government must start again from scratch.
Even though Ozekhome continued to criticize federal policy, he said that the government should try everything in its power to lessen suffering by starting over from scratch.
Additionally, he expressed amazement that the current leadership is attributing the country’s economic situation to its forebears.
But, I find it most uncomfortable when I witness representatives of this administration placing the blame on the Jonathan administration, which departed office in 2015—nearly ten years ago.”
“Ironically blaming his own predecessor in the APC government, whom they took over from.”
“I believe that all has gone wrong,” he remarked.
He added that poverty is the result of the present administration’s “revived hope” motto.
“This is renewed poverty, not renewed hope.”
This is “Renewed Poverty,” not “Renewed Hope.” Poverty has always existed, but it has just returned on a larger scale.