- There are possibilities that things might get more difficult for Nigeria's currency
- According to Bismarck Rewane, the naira might depreciate to 470 against the dollar
- However, he said all these depends on the price of crude oil
If the words of Nigeria's economist, Bismarck Rewane, is to be believed, then there is cause for concern over the economic fortune of the country as this year progresses.
According to him, there is possiblity that the naira will weaken in the parallel market.
He added that this will make it likely depreciate to 470 against the dollar in 2021, if oil prices stay at $50 per barrel.
Punch reports that Rewane stated this in his presentation at a virtual forum tagged ‘Vantage Forum 2021’, organised by the Elevation Church.
“In the worst-case scenario, it goes the other way, in all cases you find that the average exchange rate at the end of the year officially will be at 470 in the parallel market and the Central Bank of Nigeria about 420, bringing the average to 438.”
Meanwhile, Legit.ng had reported how Nigerian singer Davido took to social media to disclose his displeasure over the exchange rate in the country.
Taking to Twitter, he said that the exchange rate had reached N500, and he almost cried as he changed money at the expensive rate.
"Dollar don reach 500 ... I changed naira to dollar today and I almost cried smh this country nawa."
In another report, the National Inter-Faith and Religious Organizations for Peace (NIFROP), on Monday, January 25, ended its 21-days intercessory prayer and fasting for Nigeria and the administration of President Muhammadu Buhari.
The group in a statement signed by Sheik Abubakar Idris, and seen by Legit.ng said the three-week-long spiritual intervention ended with hundreds of respected Christain and Muslim clerics in attendance.
Idris said during the prayer sessions Nigerians from all walks of life showed that religion and ethnicity are tools used to divide the country.