Popular Lawyer and human rights activist, Mike Ozekhome has submitted that should the Naira keep on falling against the Dollar at its current rate, it might hit the 4000 mark to the dollar by the end of the year.
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.
Despite these challenges, the CBN governor, Olayemi Cardoso, in his MPC meeting announcement on Tuesday said he ”will do what it takes” to address the monetary issue equally promising to generate more liquidity for the forex market.
“Just today, we paid out another $400 million that was so identified. In terms of the reserves, it has gone up to $34 billion,” he said.
However Ozekhome in his appearance on Politics Today on Tuesday believes there are no visible signs that the Naira won’t fall any further.
”Before the end of this year, if we are not careful, the Naira may exchange for N4000 to the dollar because e there is nothing in place”
”If we are not careful we will get to the situation in Ghana, where they were carrying cedis in baskets to the market to go and buy things and put in their pockets.”
”Why have BDCssit under the trees and tables control our economy.”
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Ozekhome while still critical of the policies of the federal government stated that the government needs to do everything in its power to alleviate the suffering by going back to the drawing board
He also said he was surprised at the current administration blaming its predecessors for the economic state of the nation
”But to me, it is most embarrassing when I see officials of this government blaming the Jonathan government that left office in 2015, nearly 10 years ago.”
”Ironically blaming his own predecessor whom they took over from in the APC government”
”I think everything has gone wrong,” he said
He also noted that the current administration’s slogan of renewed hope translates to poverty.