A lawmaker has made a surprising forecast about the future of Nigeria’s money, as the naira fell to its weakest point, trading at 1,900 naira per dollar.
Clement Jimbo said that soon, 100 naira will be worth the same as $100, though he didn’t specify when this will happen.
Right now, the value of the naira has dropped to 1,900 against the dollar, losing 335 naira in just one week.
In the midst of the economic troubles and the naira’s ongoing decrease in value, Clement Jimbo, a candidate for the APC in the House of Representatives from Akwa Ibom, predicts that in less than 16 years, 100 naira will be equal to $100.
It’s also been noted that the inflation rate rose to 29.90%, a significant jump from the previous month’s 28.92%.
This means that the inflation rate in January 2024 went up by 0.98% compared to December 2023.
The naira has hit a new low at the unofficial market, reaching 1,900 against the dollar, which is a drop of 335 naira in a week from its previous rate of 1,495 to a dollar on Friday, February 16, 2024.
However, the lawmaker tweeted, “In less than 16 years from now, they will be equal. Amen.” He didn’t provide details on how this would occur. Mr. Jimbo is with the All Progressives Congress and represents the Abak/Ika/Etim Ekpo Federal Constituency of Akwa Ibom State in the House of Representatives. His prediction comes as the Nigerian currency continues to fall against the dollar.
On Tuesday, February 20, 2023, the Nigerian government announced a crackdown on currency speculation to tackle the foreign exchange crisis.
The government directed the National Security Adviser’s Office and the Central Bank of Nigeria to work together to solve the economic problems caused by speculative Forex activities.
Amid the naira’s sharp fall, former lawmaker Senator Shehu Sani called for Christians and Muslims to pray for the naira after its decline against the dollar. “Pray for Naira,” he stated. On Wednesday, February 21, the naira’s value dropped significantly, hitting a new low of 1,830 against the US dollar in the informal market, also known as the black market. This was a 7.10% decrease or a drop of 130.00, weaker than the rate of 1,700 from the day before. This drop highlights the severe ongoing economic challenges, marking the lowest point in the naira’s history.