Dollar-Naira Exchange Rate May Hit N4000 Before Year End Under Tinubu’s Government – Ozekhome

The possibility of the dollar-naira exchange rate reaching N4000 before the end of the year under President Bola Tinubu’s administration is causing concern among Nigerians. Legal practitioner and human rights activist Mike Ozekhome, SAN, raised this alarm during a live program on Channels TV, warning of the worsening poverty levels in Nigeria.

Ozekhome criticised the current government for failing to address the economic challenges facing the country, despite their campaign promises to renew people’s “hope” during the 2023 electioneering period. “President Tinubu and his team should urgently find ways to ease the economic tension in the country,” he stated.

The legal expert also pointed out that the government should not continue to blame its predecessors for the nation’s problems. “There is no justification for the present government to keep blaming his predecessors for the woes of Nigerians,” Ozekhome remarked.

Highlighting the precarious state of Nigeria’s economy, Ozekhome mentioned, “Just today, we paid out another $400 million that was so identified. In terms of the reserves, it has gone up to $34 billion.” He warned that if measures are not taken, the dollar-naira may exchange for N4000 to the dollar as there are currently no proper checks there place.

The role of Bureau De Change (BDC) operators in the economy was also criticized by Ozekhome, who questioned their control over the economy. “Why have BDCs under the trees and tables control our economy?” he asked.

In a call for action, Ozekhome urged the government to adopt new strategies. “I know this is not renewed hope; this is renewed poverty. We were already in poverty before, but it is now renewed on a higher scale,” he said. He emphasised the need for the government to “think outside the box” and introduce “new innovations.”

The prediction of the dollar-naira exchange rate reaching N4000 before the end of the year underlines the urgent need for innovative measures to stabilise Nigeria’s economy. The government’s response to this challenge will be crucial in preventing further economic decline and fulfilling its promise of renewed hope to the Nigerian people.