N100 Will Be Equal to $100: APC Lawmaker Predicts Naira-Dollar Parity
- A federal lawmaker has made a shocking prediction about the nation's currency, as the naira hit its lowest level trading at N1,900 per dollar
- Clement Jimbo revealed that the N100 will become equal to $100 but did not state the exact period Nigerians will experience it
- Currently, the naira has plummeted to N1,900 per dollar, representing a loss of N335 within a week
Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.
Amid the current economic crisis, Clement Jimbo, APC House of Representatives candidate in Akwa Ibom, has predicted that in less than 16 years, N100 will become equal to $100.
Recall that the inflation rate jumped to 29.90%, marking a substantial increase from the 28.92% seen in the prior month.
Read also
EFCC arrests 115 BDC operators, recovers over N100 million, photos emerge
This indicates a notable rise in the headline inflation rate for January 2024, with a 0.98% uptick compared to December 2023.
As of now, the naira has crashed at the parallel market to a record low of N1,900 per dollar, a loss of N335 in a week, compared to the N1,495 to a dollar it closed on Friday, February 16, 2024.
But the lawmaker tweeted:
"In less than 16 years from now, they will be equalled."Amen ."He, however, did not explain how that would happen.
Mr Jimbo, a member of the All Progressives Congress, represents Abak/Ika/Etim Ekpo Federal Constituency of Akwa Ibom State in the House of Representatives.
His prediction came amidst the persistent decline in the Nigerian currency against the dollar.
Legit.ng reported on Tuesday, February 20, 2023, that the Nigerian government declared war on currency speculation to curtail the foreign exchange crisis in Nigeria.
Read also
CBN readjust exchange rate For cargo clearance as naira gains in official Market
The government issued the order to the Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) to join forces to address the challenges to Nigeria's economy caused by speculative Forex activities.
"Pray for Naira": Shehu Sani urges Christians
Similarly, Legit.ng reported that former lawmaker Senator Shehu Sani has urged Christians and Muslims to pray for the Nigerian Naira following its poor run with the Dollar.
On Wednesday, February 21, the Nigerian Naira saw a significant decrease in value, hitting a new low of N1,830 against the US dollar in the informal market, commonly known as the black market.
This reflects a 7.10% drop or N130.00, weaker than the previous day's closing rate of N1,700.
This decline highlights the severity of the ongoing economic difficulties, with this decrease marking the lowest point in the Naira's historical performance.
Source: Legit.ng
ncG1vNJzZmivp6x7rbHGoqtnppdku6qzxKugmmdhaoVxfJBuZKdpYGV6pr3UmqNmaWBleqK8wmajmq%2BdlrimvoypqZ6cmZjBtHnNmqCrmV2ZvK24wKtkqZminsG6eZBvZLKdkafAcA%3D%3D