In a recent statement, prominent lawyer and human rights advocate, Mike Ozekhome, has raised concerns over the alarming depreciation of the Naira against the Dollar, suggesting that if the current trend persists, the Naira could plummet to N4000 against the Dollar before the end of the year.
The dwindling value of the Naira has been exacerbated by a combination of factors, including a scarcity of dollars and surging demand, leading to a significant devaluation of the national currency.
Analysts attribute this crisis to ongoing challenges in foreign exchange supply and a backlog of demand.
Despite mounting challenges, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, vowed to take decisive action to address the monetary crisis during the recent Monetary Policy Committee (MPC) meeting.
Cardoso affirmed the CBN’s commitment to bolstering liquidity in the forex market, citing recent efforts to inject an additional $400 million and bolstering reserves to $34 billion.
However, Ozekhome, speaking on PoliticsToday, expressed skepticism about the efficacy of current measures in stabilizing the Naira’s value. He cautioned that without concrete interventions, the Naira’s exchange rate could spiral out of control.
Before the end of this year, if we are not careful, the Naira may exchange for N4000 to the dollar because there is nothing in place,” Ozekhome warned, drawing parallels with the economic crisis witnessed in Ghana.
Highlighting the need for proactive government action, Ozekhome emphasized the necessity of revisiting policy frameworks to mitigate the plight of Nigerians grappling with economic hardships.
He criticized the tendency of the current administration to shift blame onto past governments, stressing the urgency of assuming responsibility for addressing present challenges.
