“Convert Your Dollar to Naira Now”: Reno Omokri Predicts When Naira Will Rise More against Dollar

• Former presidential aide, Reno Omokri, has predicted what would happen to the Nigerian currency soon
• Omokri said the naira would rise more against the dollar as soon as the country stops importing fuel
• He warned Nigerians hoarding dollars to convert the currency to naira now or prepare to count their losses by May 2024

Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro and government policy.

FCT, Abuja - Former presidential aide Reno Omokri said Nigeria’s currency, the naira, will rise more once the country stops importing fuel.

He said those who wanted the naira to sell for N2000 to a dollar had lost their money.

Omokri also said people waiting until Dangote Refinery starts selling every petroleum product needed in Nigeria will lose more money.

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He stated this via his X handle (formerly known as Twitter) @renoomokri on Wednesday, April 3.

Why naira will rise against dollar

He warned Nigerians hoarding their dollar to convert to naira now before they lose it by May 2024.

According to Omokri, those hoarding dollars will lose because Dangote Refinery will flood the market with affordable petroleum products.

He wrote on X:

“If you bet against the Naira because of Arise TV's evil ₦2000 to $1 prophecy, just face it that you have lost the money you intended to make by economically exploiting Nigeria. But if you wait until Dangote Refinery starts selling every petroleum product needed in Nigeria, including Premium Motor Spirit, Diesel and Aviation Jet A1 fuel, you will lose even more. Once Nigeria stops importing fuel, the Naira will rise even more dramatically. Count your losses. Convert your Dollar to Naira now or prepare to holler by May 2024, when Dangote Refinery will flood the market with inexpensive petroleum products.”

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Cheap fuel is here as Dangote Refinery finally commences sale of petroleum products

Dollar sells cheaper in parallel market

Legit.ng earlier reported that the naira appreciated in the parallel market on Friday, March 29, 2024, to trade at N1,280 per dollar.

The development means the Nigerian currency appreciated by 5.19% from the N1,350 per dollar traded on March 27, 2024.

Bureau de Change (BDC) operators quoted the buying rate of the dollar as N1,260 per dollar and the selling rate as N1,280, making a profit of N20.

Source: Legit.ng