Naira Further Firms Up, Now 250/$

Nigerian business mogul, Ifeanyi Ubah, has told President Muhammadu Buhari that he has what it takes to restore the naira to 200/dollar. The chairman of Capital Oil and Gas who was an ally of Nigeria’s immediate past president, Goodluck Jonathan, also added that he has the business strength to ensure the naira returns to 200 against the dollar in just one month, only if consulted by President Buhari. Speaking during an interview on Channels Television, Ubah noted that he could reverse the present exchange rate of N384-N390/dollar to about N200 within a month.

While refusing to heap the blame on the activities of the Bureau De Change (BDC) operators, he

said: “Look at the economy, look at the position of the naira today; some of us have ideas on how we can restore this. “Do you know how many Burea De Change people who food has been taken out of their families because of this? If you say they are the ones causing it, then where are you today? “It needs strategic management. It won’t take me one month, if you give me part of that consultancy, naira would come back to 200. “I can bet my life with it, naira would come back to N200. If you call me for that consultancy, I would put naira back to 200.” On how soon he can fix the dollar issue if consulted by the Nigerian president, the Transformation Ambassadors of Nigeria (TAN) boss said: “Don’t worry, that’s my business and business is secret.” There has been a lot of uproar over the falling rate of the Nigerian currency against the American dollar with calls increasing for President Buhari to devalue the naira, but the Nigerian leader has remaineFd adamant.

One of such calls was made by Governor Ayodele Fayose of Ekiti state, who noted over the weekend, that Buhari is applying his 1984 failed economic policy in which prices of goods were fixed not minding the cost of supply. The governor noted that such policy in time past resulted in essential commodities like milk and sugar being scarce, leading to Nigerians lining up in the sun to buy rationed commodities.