Barely 24 hours after the managing director and CEO of capital oil, Dr. Ifeanyi Ubah, said he could ensure that the naira appreciates against the dollar in just one month if consulted by the federal government, the country’s currency tremendously boosted against the US dollar.
Before Ubah’s comment on Monday, the naira was quoted at N370, it however rose to 364 on Tuesday morning, closing trading hours around N340.
As at the time of filing this report on Wednesday, it was gathered that the naira was being sold below N300. Some sources claimed that the naira now sells at N240.
Recall that Ubah, who spoke on Channels TV said that if consulted by the federal government, he could restore the naira to 200 against the dollar in one month.
He said, “Look at the economy, look at the position of the naira today; some of us have ideas on how we can restore this.
“Do you know how many Bureau De Change people whose food has been taken out of their families because of this? If you say they are the ones causing it, then where are you today? It needs strategic management.
“It won’t take me one month, if you give me part of that consultancy, naira would come back to 200. I can bet my life with it, naira would come back to N200. If you call me for that consultancy, I would put naira back to 200.”
To further prove his claim, Ubah had dared the federal government to seize his N500 billion assets if he did not restore the naira.
“I am saying that I pledge every asset of mine into my proposal, if I fail to bring a dollar to N200 within 30 days, the federal government should seize everything I have. I thank Mr. President for not heeding the advice to devalue the Naira. I thank him and he should remain firm because nothing has changed,” he said.
Ubah, in a statement on Tuesday, who noted that the currency is recovering due to his efforts said:
“Fellow Nigerians, I wish to thank you for the support and encouragement you have given me so far. It has been unprecedented.
“As at this evening, the Dollar has dropped further to N310 as against N390 on Sunday evening before my interview on Channels.
“This shows that the earlier increase has been artificial as some people were manipulating and benefitting from it. They will all be fished out in due course so that Nigeria will be better and the suffering of the masses will end.
“With God and our sincere efforts, even when we have not been fully consulted, the Dollar can still be brought down to N200 and below. Let the discourse continue. Shun the Dollar till it’s N200. Pray for Nigeria and let the Dollar go down to N200 and below.”