“I Love This”: Nigerians Reacts As Adeboye Predicts Naira Recovery Against US Dollar
- The Nigerian currency, the naira, started the month of September by exchanging against the dollar at the black market at a new low
- The poor performance of the naira was experienced both at the black market and the official foreign exchange market
- Pastor Enoch Adeboye is predicting that the naira will become stronger than the dollar soon, and Nigerians were excited in a video
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The General Overseer of Redeemed Christian Church of God, Pastor Enoch Adeboye, has predicted that the Naira will bounce back against the dollar.
Adeboye gave this prediction during the church’s monthly Thanksgiving service with the theme; ‘Uncommon Miracles’ on Sunday, September 3, 2023.
Source: Instagram
The revered Clergy told the congregation that the naira would not only bounce back but this time greater than the dollar, Punch reports
The message was greeted with a shout of amen by the congregation.
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He said:
"If the lord I serve is still on the throne, those glorious days when the Naira s stronger than the dollar will return.
When that happens you will know there is a God of miracles.
“Miracle is totally unusual. God can give you a miracle that will be difficult to share."
Naira to dollar exchange rate
Adeboye's prediction is coming when the Naira is struggling against the dollar in the various foreign exchange markets.
In the first trading session for the month on September on Friday data from FMDQ securities shows that at the Investors and Exporters (I&E) window segment Naira closed against the dollar at N740.38/$1.
However, in the P2P market, the Naira closed at N921/$1 and in the black market it exchanged at N921/$1.
Experts reaction
Reacting, Uche Uwaleke, Professor of Finance and the Capital Market at the Nasarawa State University, stressed that while it is good to be hopeful, the reality on the ground is different.
He said:
"Naira is struggling because demand outstrips supply in the forex market, which is the fundamental problem. The real long-term solution for the naira to recover its lost value is for the government to create multiple sources for forex inflow into the country, rather than relying solely on oil revenue.
"However, in the medium term, I believe the Central Bank of Nigeria (CBN) should use oil revenue, which currently accounts for 90% of Nigeria's dollar inflow, to intervene more in the forex market and ease the pressure, instead of building reserves.
"Nigeria has over $33 billion in liquid reserves. I strongly believe the CBN can use it to stabilise the market first, as it is enough to meet importers' demand for the next few months which is creating pressure.
"It is the statutory responsibility of the CBN to provide buffers for the naira to stay strong in the international market. This is the right time to use the liquid reserves to achieve naira stability."
Over N29bn spent printing new naira notes and throwing away old ones
Meanwhile, in another report, Legit.ng revealed that the CBN had provided a breakdown of its financial performance and expenses undertaken during the 12 months of 2022.
Part of the expenses recorded is the over N29 billion spent on printing naira notes and disposing of the bad ones.
The CBN destroys unfit banknotes regularly under strict security and with the authorisation of Section 18(d) of the CBN Act 2007.
Source: Legit.ng
