Ozekhome warns naira may nosedive to N4k per dollar unless Nigerian changes its wasteful ways
By Jeph Ajobaju, Chief Copy Editor
Mike Ozekhome, SAN has expressed concern naira may go for N4,000 against the United States dollar by the end 2024 if the foreign exchange (forex) rate continues on its current trajectory.
He lamented on Channels Television there is nothing on the ground to show naira will improve against the dollar.
“Before the end of this year, if we are not careful, the naira may exchange for N4,000 to the dollar because there is nothing in place,” he warned.
”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 do BDCs [Bureau de Change operators] sit under the trees and tables to control our economy?”
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Utomi raises alarm exchange rate heading to N10,000 per dollar
Pat Utomi, a professor of political economy and chieftain of the Labour Party (LP), has also alerted naira may depreciate to N10,000 per dollar and hasten the death of Nigeria unless the government takes all the steps necessary to raise production.
Utomi, who gave the warning at an event organised by activist Moses Paul to mark the first anniversary of the 2023 presidential election, reiterated Nigeria is going down very fast because those in authority are far from the people.
Said he: “Our country is dying before us; it is dying because the people don’t believe that those in authority are representing them and those in power don’t feel the people.
“They don’t act for the people and everything is running away. Going down very fast.
“This is like claiming this moment and acting like citizens to make this country work right now.
“We must not wait for the next election [in 2027] before we act, we need to take back our country right now.
“We need to take charge now because we know what to do that they don’t know what to do. If we don’t create our own security system, there will be no production, and if there is no production, the naira will reach N10,000 per dollar, I assure you.”