Ozekhome Predicts Dollar May Exchange For N4000 Despite Crackdown On BDC Operators

Nigerian Lawyer and human rights activist, Mike Ozekhome, has predicted that the dollar might exchange with the Naira at N4000 before the end of the year if the Naira keeps falling at its current rate.

Naija News reports that recent scarcity and high demand for dollars have led to a significant decline in the Naira, which has led to a crackdown on BDC operators across major cities in the country.

However, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, in his MPC meeting announcement on Tuesday, said he would do whatever it takes to address the monetary issue, equally promising to generate more liquidity for the forex market.

He said, “Just today, we paid out another $400 million that was so identified. In terms of the reserves, it has gone up to $34 billion.” 

But speaking during an interview on Channels Television Politics Today on Tuesday, Ozekhome said there are no visible signs that the Naira won’t fall any further.

He said, “Before the end of this year, if we are not careful, the Naira may exchange for N4000 to the dollar because there is nothing in place.

“If we are not careful we will get to the situation in Ghana, where they were carrying cedis in baskets to the market to go and buy things and put in their pockets.

“Why have BDCs sit under the trees and tables control our economy.”