Ozekhome Sounds Alarm, Predicts Dollar Could Reach N4,000 in 2024s End

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  • The Nigerian Naira has been predicted to fall below the Dollar by N4000 before the end of 2024
  • During a live telecast, the famous Nigerian legal luminary Mike Ozekhome made this prediction on Tuesday, February 27
  • The senior advocate said he was disappointed that some persons sitting under the tree have held the Nigerian economy to ransome

Legit.ng journalist Segun Adeyemi has over 9 years of experience covering political events, civil societies, courts, and metro

Human rights advocate Mike Ozekhome predicts that if the Naira continues its decline against the Dollar at its current pace, the exchange rate could reach N4000 by the close of 2024.

Ozekhome made these remarks during an interview with Channels Television on Tuesday, February 28, expressing concern that no apparent indicators suggest a halt to the Naira's depreciation.

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He said:

“Just today, we paid out another $400 million that was so identified. In terms of the reserves, it has gone up to $34 billion.“If we are not careful we will get to the situation in Ghana, where they were carrying cedis in baskets to the market to go and buy things and put in their pockets.””Why have BDCssit under the trees and tables control our economy.”

Ozekhome emphasised the importance of the government taking decisive action to ease the hardships faced by the people, suggesting a return to fundamental planning and strategies.

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He also remarked on his surprise regarding the current administration's tendency to attribute the nation's economic challenges solely to previous governments.

The senior advocate said:

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”But to me, it is most embarrassing when I see officials of this government blaming the Jonathan government that left office in 2015, nearly 10 years ago.”Ironically blaming his own predecessor whom they took over from in the APC government. I think everything has gone wrong.”

Ozekhome observed that the present government's promise of revitalised optimism equates to economic hardship.

”This is not renewed hope, this is renewed poverty.”

CBN's move to strengthen Naira

In recent developments, the Naira has experienced a notable decrease due to the shortage of dollars and high demand.

Analysts attribute this issue to ongoing difficulties in foreign exchange supply and a considerable backlog in demand.

However, during the MPC meeting on Tuesday, CBN Governor Olayemi Cardoso expressed determination to tackle this monetary challenge, pledging to take necessary actions and ensure increased liquidity in the forex market.

Ozekhome, on the other hand, said:

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”Before the end of this year, if we are not careful, the Naira may exchange for N4000 to the dollar because e there is nothing in place.”

CBN resumes sales of Dollars to BDCs

Meanwhile, the Central Bank of Nigeria has reinstated the sale of dollars to licenced BDCs in the country following its 2021 ban.

The latest decision is part of the apex bank's move to ensure enough liquidity in the market.

It will not be business as usual for BDC operators, as the CBN has set a limit on how a dollar will be priced.

Source: Legit.ng

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