If you are wondering why the Nation’s apex bank allowed the currency to plummet by the most in the past few months and right about Tinubu’s time to become president, you are not alone.
Before screaming conspiracy, you should first check what the exchange rate is today and has been for the past five months.
The naira fell to a record 465.07 to a dollar as of 1.11 p.m. local time, which is the biggest drop since December 29th.
In the past three days, the naira has crashed twice to a record level.
Tinubu has his work cut out for him… His pledge of ending the practice of maintaining multiple exchange rates will face a serious challenge from the tightly controlled Black Market scallywags that President Buhari and his wife dined and wined with throughout his government.
It is being predicted that the naira could weaken as much as 15% after Tinubu becomes president, Nikolaus Geromont, who is a fixed-income analyst at Johannesburg-based Absa Group Ltd., claimed in his research note on Wednesday.
“We expect the naira to be upwardly adjusted to 530/USD after the presidential inauguration.
Ok… so this is it – a part of what these so-called experts are claiming is that a weaker naira will help Nigeria cut trade imbalances and reduce the pressure on our foreign reserve.
What foreign reserve? Will we still have any after what Buhari and his goons have left – considering all that has transpired in the last eight years? Today our foreign reserves are at a two-year low of $35.3 billion… Which is just enough to pay for 5.5 months of imports, according to Lagos-based FBNQUEST Capital.
Hello, Mr. Peter Obi…. don’t you think you might have dodged a bullet here?
