Dollar May Hit N2,000 Before Christmas — Atiku’s Aide Warns As Naira Crashes To N1,310
Daniel Bwala, one of the spokespersons for former Vice President Atiku Abubakar, has expressed concerns that the Nigerian Naira may face a daunting depreciation, possibly reaching an alarming exchange rate of N2,000 to a US dollar before the upcoming Christmas season.
The prediction is coming amid the continued free fall of the naira at the unofficial market.
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Bwala lamented that despite President Bola Tinubu’s inauguration of former World Bank official, Wale Edun, as Nigeria’s Minister of Finance and Coordinating Minister of the Economy, along with Yemi Cardoso as Governor of the Central Bank of Nigeria (CBN), the country has not seen substantial improvements in its economic conditions.
Taking to social media, Bwala tweeted, “The way the economy is sinking, if serious care is not taken, by Christmas, the dollar would sell for N2,000. Everything rises and falls on the naira value.”
The former opposition Peoples Democratic Party (PDP) presidential spokesman questioned the effectiveness of the high-profile appointments made by Tinubu, stating, “Where are the Wale Edun and Yemi Cardoso of this world that they told us one will walk on waters and the other would turn water to wine? Big, big grammar, but no single sign of light at the end of the tunnel. Largest cabinet in the world, but only one minister is working; Dr. Olubunmi Tunji-Ojo, Minister of Interior.”
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THE WHISTLER reports that the concern regarding the weakening Naira is not unwarranted, as the currency has continued to experience a steady decline in value, especially on the unofficial market.
The trend continued after President Tinubu approved the removal of the Forex restriction placed on importers of 43 items eight years ago by the administration of former President Muhammadu Buhari.
As of Tuesday, the exchange rate on the parallel market had already plummeted to N1,310 to a US dollar.
It closed at N805.57 at NAFEX on Monday.
With the holiday season fast approaching, many are apprehensive about the possibility of the Naira losing further against the dollar as a weakened local currency can lead to higher prices for imported goods, affecting the cost of living for ordinary citizens and causing further inflationary pressures on the economy.
