TRENDING: BREAKING: The Naira Continues Its Freefall, Plummeting to New Lows Against The Dollar And Pound Sterling, Reaching N1,700 And N2,100 Respectively – BushRadio (bushradiogist.com)
Despite concerted efforts by the Central Bank of Nigeria to stem the tide, the Naira has hit unprecedented lows against major foreign currencies. This downward spiral has been particularly pronounced since the floating of the currency, exacerbating an already precarious situation.
Even before Mr. Tinubu assumed office, the Naira had been on a downward trajectory. However, his tenure has seen a marked acceleration in the currency’s depreciation, with September witnessing a historic exchange rate of N1,000 to one dollar at the parallel market.
Critics point to policy decisions made by Mr. Tinubu’s administration, such as the scrapping of fuel subsidy and the consolidation of foreign exchange windows into a single Importer and Exporter (I&E) window, as significant contributors to the Naira’s devaluation. According to a report by Price Water Coopers, these policies led to a drastic 98 percent depreciation of the Naira’s value.
Recall that Pastor David Ibiyeomie, before the emergence of President Tinubu, during the presidential campaign revealed that if Nigeria makes wrong choices, the masses will suffer for it, and the likes of his fellow elites will be exempted. He also stated that the Nigerian currency will tumble to 5,000 if wrong choices are made in selecting a candidate. At the fast rate of the declination of the nation’s currency, it seems that the prophecy will come to pass between now and the end of next year 2025.
Oseni Rufai of Arise TV wasted no time in reacting to the current exchange rate, stating via his X handle: “Dollar don Dey go 2k ooo.”
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Source: Bushradiogist