“I Only Need 6 Months”: Pastor Olumide Says He Can Stop Naira Depreciation, Gives 2 Simple Solutions

• Pastor Olumide Emmanuel believes he has the solutions to the current state of the naira at foreign exchange market
• He believes if given the opportunity in less than six months the major challenges facing the naira can be solved
• Naira at the official and unofficial market continue to exchange at a very low rate against the US dollar

Olumide Emmanuel, the General Overseer of Calvary Bible Church, Idimu, Lagos believes he has the solution to stop Nigerian forex supply crises affecting the naira.

Speaking on the topic "where to save" to his congregation on Sunday, October 28, 2023, Olumide boasted that if given the opportunity, it would only take him less than six months to put the naira in the right path.

However he observed that there is no miracle that can shore up the value of the Naira, but the simple solutions is for Nigerians to buy locally made products.

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His words:

"Why do we have this problem, and what is the solution for the forex crisis? You know, they don't listen to us because they claim we are pastors.

"But I believe I can solve the Nigerian forex crisis in less than six months. It's not a difficult task, there is two simple solutions.

" The first step is to increase local production. We can't continue to rely on imports, we need to start producing as a country.

"Secondly, we must reduce our dependency on imported goods and buy made in Nigeria products.

Olumide further criticised the decision by lawmakers to buy imported sports utility vehicles (SUVs) for lawmakers in the two chambers.

According to him it is absurd and an indication of why Nigeria is where we are.

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He said:

"You can see they are talking about spending N160 million for a single foreign car and cited bad roads as an excuse. This has to change."

Naira to dollar exchange rate

Olumide comments come at a time naira at the official, Nigerian Autonomous Foreign Exchange Market (NAFEM) closed at N789.94/$ on Friday, October 27.

While at the black market it quotes at N1,150/$1, and the peer to peer market a dollar is sold at N1,114.

BDC operators agree on new dollar to naira exchange rate

Legit.ng also reported that Bureau de Change dealers want to crash the dollar across the country.

ABCON initiated the move in support of the CBN efforts to stabilise the naira at the foreign exchange market.

The wide disparity between the black market and the official exchange rate has been a genuine concern for the CBN.

Source: Legit.ng