Dollar to Naira Exchange Rate: Primate Ayodele Releases “Prophetic Insights”
- As Nigeria's currency struggles against the US dollar, Primate Elijah Ayodele has released a prediction
- Legit.ng reports that the outspoken cleric disclosed that no matter what, the dollar will not exchange at N650 under the Bola Tinubu administration
- Primate Ayodele projected that the Nigerian economy will fluctuate, will be unstable, and inflation rates will rise astronomically
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Legit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering economic matters.
Oke Afa, Lagos state - Primate Babatunde Elijah Ayodele, the founder and spiritual head of the INRI evangelical spiritual church, Lagos state, has said the dollar to naira exchange rate will fluctuate between N800 and N1,200.
Primate Ayodele stated this in a clip posted recently on his official X (formerly Twitter) handle.
Source: Twitter
According to him, the CFA franc will be stronger than the naira under the current realities.
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The cleric said he had not seen anything better, "for the future looks gloomy".
He stated:
“Dollar will be between N800, N1,000, N1,200. Dollar will not come to N650. It will not - no matter what."
Watch Primate Ayodele's video below:
Legit.ng reports that it has now been close to one year since Bola Tinubu assumed office as president, and Nigerians are grappling with a steep rise in the cost of living.
As Nigerians seek coping strategies to adjust to their new economic reality, more shocks may be coming.
Recently, the government announced a hike in electricity tariffs.
The Nigerian Electricity Regulatory Commission (NERC) ordered the immediate upward review of electricity tariffs from Wednesday, April 3.
Groups, including the Petroleum and Natural Gas Senior Staff Associations of Nigeria, the Nigeria Electricity Consumer Advocacy Network, and civil society organisations, warned that the hike would worsen the plight of Nigerians.
'Stability of naira key' - Expert
Reacting to Primate Ayodele's projection, Oluwatosin Ogunjuyigbe, a business expert, said what Nigeria needs is not a stronger naira but a stable exchange rate.
The expert noted that the correlation between a strong currency and a robust economy is not always straightforward and depends on various factors.
Ogunjuyigbe told Legit.ng:
“The dollar coming below N1,000 is not the end goal. What we need is a stable exchange rate over a long period of time. So even right now that the naira is falling against the dollar, it’s still not totally the ideal dynamic for now, because business people most especially will lose a lot of money. That’s because the dollar they bring in is becoming less valuable with time.
“Therefore, a lot of Nigerians are still going to need the dollar to be stable for a longer time, and that cannot happen off the back of CBN policies alone. It needs fiscal policies, it needs finance minister (Wale Edun) to be a lot more active basically, and it needs a lot of participation in terms of bringing in more dollar inflow.”
What to read about the naira and dollar:
- "We expect": UK firm sets new exchange rate for naira against dollar
- Omokri predicts when naira will rise more against dollar
- “It is possible”: FG speaks on naira to dollar exchange rate, sets new target for 2024
CBN takes bold step to help naira recover
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) successfully sold N1.3 trillion worth of treasury bills at a very high rate, targeting foreign portfolio investors (FPIs).
This is part of CBN's efforts to attract liquidity to strengthen the naira, which has been experiencing a free fall due to a shortage in forex supply.
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Source: Legit.ng
