Primate Ayodele Reveals How Tinubu Can Reduce High Rate of Dollar
- The leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, said the dollar is not the problem of Nigeria
- Primate Elijah Ayodele advised the federal government to invest more in agriculture and local manufacturers
- The clergyman said the dollar would drop but the Tinubu’s administration cannot bring it down to N350-400 anymore
Legit.ng journalist Adekunle Dada has over 5-year-experience covering metro and government policy
Lagos state - The leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has revealed how President Bola Ahmed Tinubu’s administration can reduce the high rate of dollars.
Ayodele said the increase of the dollar is caused by too much dependence on foreign products.
Source: Facebook
The clergyman stated this via his X page ( formerly known as Twitter) @primate_ayodele, on Sunday, October
He said dollars will drop but the Tinubu’s administration cannot bring it down to N350-400 anymore.
The man of God said the dollar is not the problem of Nigeria and the people should stop focusing on it.
Primate Ayodele advised the federal government should focus on and encourage local manufacturers, and agriculture, which will make food available,
“Nigerians need to understand that, the incessant increase of the dollars is majorly caused by too much of dependence on foreign products. However, I will advise that the FG should invest more in the local content and this will reduce the high rate of dollars.”
Primate Ayodele reveals why Cardoso should withdraw new naira notes
Meanwhile, Legit.ng reported that Ayodele advised the governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, to withdraw the new naira notes.
On why the new notes should be withdrawn, Primate Ayodele said they are “satanic, demonic" and constitute "a bad omen to Nigeria’s economy”.
According to the cleric, printing more of the new notes will run Nigeria into a big loss, which can be avoided by merely withdrawing it.
Naira weakens to N1,045 per dollar
CBN having trouble funding corporate and individual demand for the dollar, hence, the naira has continued to plunge.
According to a Bloomberg report, this is due to the declining reserves and dollar inflows, causing the Nigerian naira to collapse to new lows of N1,030 at the black market on Wednesday, October 11.
FG moves to crash dollar With $10bn inflows in few weeks
The Nigerian government said the country is expecting about $10 billion in foreign currency inflows in a few weeks to ease the dollar shortages in the country in the Forex market.
The Minister of Finance and Coordinating Minister for Economy, Wale Edun, stated this at the ongoing conference organized by the Nigeria Economic Summit Group (NESG).
Edun's promise comes as the naira plummeted to N1,200 per dollar in the parallel market on Monday, October 23, 2023, from the N1,180 it traded on Friday, October 21, 2023.
Source: Legit.ng
