Pat Utomi Warns Of Potential Naira Collapse, Predicts N10,000 Per Dollar Exchange Rate

Renowned economist and influential figure in the Labour Party, Pat Utomi, has raised concerns, predicting that the naira may reach N10,000 per dollar if urgent steps are not taken.

Naija News reports that at an event organized by activist, Moses Paul to mark the first anniversary of the 2023 presidential election, Utomi issued this warning on Sunday.

Utomi emphasized the urgent need for action to address the deteriorating state of the nation, pointing out that citizens feel disconnected from those in power while authorities fail to represent them effectively.

He stressed the necessity of reclaiming the country’s direction immediately, asserting that waiting until the next election is not an option.

Utomi highlighted the importance of citizens taking proactive steps to rectify the situation, warning that without adequate measures, the naira could depreciate to N10,000 per dollar.

Utomi said, “Our country is dying before us; it is dying because the people don’t believe that those in authority are representing them and those in power don’t feel the people.

“They don’t act for the people, and everything is running away, going down very fast.

“This is like claiming this moment and acting like citizens to make this country work right now.

“We must not wait for the next election (2027) before we act; we need to take back our country right now.

“We need to take charge now because we know what to do that they don’t know what to do. If we don’t create our own security system, there will be no production, and if there is no production, the naira will reach N10,000 per dollar, I assure you.”