N100 will be equivalent to $100 new prediction
Despite the naira dropping to a record low against the United States dollar in recent times, a federal lawmaker, Clement Jimbo has predicted that in less than 16 years, N100 will become equal to $100.
“In less than 16 years from now, they will be equalled again,” Mr Jimbo said in a post on Facebook, using a folded picture of N100 and $100 bills for illustration.
He did not, however, 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……………………CONTINUE READING
The naira closed at N1,598.54 for $1 at the official market on Monday, depreciating by 3.94 per cent when compared with Friday’s rate which was N1, 537.96.
According to a BBC report, the last time the Nigerian and the US currency stood shoulder to shoulder was in 1985 when one naira was exchanged for a dollar.
Thirty-four years later, the naira to dollar exchange rate has ballooned by over a thousand in percentage to N1,598.54 against the US dollar.
‘There’ll be no currency in 16 years if…’ – economist
Giving an economic perspective on the prediction by the lawmaker, a professor of economics, Akpan Ekpo argued that there would be no naira currency again to equal the US dollar by the year Mr Jimbo predicted except actions are taken to address the current decline.
Mr Ekpo, a former vice-chancellor of the University of Uyo, stated this in an interview.
He said the lawmaker has to come clear with the framework and model he employed before arriving at the conclusion…………………..CONTINUE READING
“Naira is going through a free-fall and if something is not done, 16 years is even too far, in the next two years the currency will be worthless.
“The currency is part of the sovereignty. We need to have a productive economy to stir up our currency. We need to manufacture and export non-oil goods so that we can earn foreign exchange. Then the value of our currency will appreciate.
