Primate Ayodele Predicts Fluctuating Dollar to Naira Exchange Rate Amid Economic Uncertainty.
In a time when Nigeria’s currency struggles against the US dollar, Primate Babatunde Elijah Ayodele, the founder and spiritual head of the INRI evangelical spiritual church in Lagos state, has released a prediction that has sparked considerable attention and debate.
Primate Ayodele disclosed in a recent clip posted on his official X (formerly Twitter) handle that the dollar to naira exchange rate will fluctuate between N800 and N1,200.
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Primate Ayodele’s projection comes amidst growing concerns over the stability of the Nigerian economy. He emphasized that despite the prevailing economic challenges, the dollar will not exchange at the speculated rate of N650 under the current administration led by President Bola Tinubu
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In his statement, Primate Ayodele expressed a grim outlook for the future, suggesting that the Nigerian economy will face instability and significant inflationary pressures. He also indicated that, given the current realities, the CFA franc would emerge as a stronger currency compared to the Naira.
“Dollar will be between N800, N1,000, N1,200. Dollar will not come to N650. It will not – no matter what,” Primate Ayodele affirmed.
Primate Ayodele's Prophetic Insights on the Dollar/Naira Exchange Rate. #Naira #Dollar #Currency #exchange #CBN #BDC #finance #NigeriaNews #NigerianGovt pic.twitter.com/qv46uhdxru
— Primate Elijah Ayodele (@primate_ayodele) April 2, 2024
The prophecy has stirred mixed reactions among Nigerians, as they grapple with the escalating cost of living and the challenges posed by recent economic policies. Since Bola Tinubu assumed office as president nearly a year ago, citizens have been confronted with various economic hardships, including a surge in the prices of essential commodities.
As Nigerians strive to navigate the prevailing economic turbulence, additional shocks may be on the horizon. The recent announcement of a hike in electricity tariffs by the Nigerian Electricity Regulatory Commission (NERC) has further compounded the concerns of citizens and stakeholders.
Despite efforts by the Central Bank of Nigeria (CBN) to stabilize the Naira, including the successful sale of N1.3 trillion worth of treasury bills aimed at attracting foreign portfolio investors (FPIs), the currency continues to experience a free fall due to a shortage in forex supply.
In the face of these challenges, Nigerians are urged to remain resilient and explore viable coping strategies to mitigate the impact of the economic downturn.
What to read about naira and dollar:
Black market Dollar to Naira exchange rate today April 6, 2024: GBP, EUR to Naira
Naira Maintains Strength Against Dollar in Official and Parallel Markets
Bureau De Change Operators Speak on Dollar Selling at N1,000
CBN takes bold step to help Naira recover
Previously, it was disclosed that the Central Bank of Nigeria (CBN) achieved a significant milestone by selling treasury bills worth N1.3 trillion at a notably elevated rate. This strategic move was specifically aimed at capturing the attention of foreign portfolio investors (FPIs).
Such initiatives form a crucial part of the CBN’s broader strategy to infuse liquidity into the market with the ultimate goal of bolstering the Naira. The currency has been grappling with a persistent decline primarily attributable to a scarcity in foreign exchange (forex) supply.
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