Naira may slip to ₦4,000 against dollar by December – Ozekhome

Ozekhome argued that there are no visible signs to conclude that the naira will not fall any further.

Renowned lawyer and human rights activist Mike Ozekhome has predicted that if the current trend continues, the naira may fall to a new all-time low against the dollar, exchanging for ₦4,000 before this year runs out.

The prediction comes on the heels of a recent misfortunes that hit the naira, which has sent it on a downward trajectory.

Analysts have linked the currency’s free fall to the rising demand and scarcity of dollars triggered by currency floatation, among other reforms in the financial sector.

The persistent foreign exchange supply challenges and significant demand backlog have also compounded the problem.

However, the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has vowed to pull all the stops to address the monetary issue.

The apex bank ”will do what it takes,” Cardoso said at the Monetary Policy Committee (MPC) meeting on Tuesday, February 27, 2024, as he promised to generate more liquidity for the forex market.

“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 said.

However, despite the CBN assurance, Ozekhome warned Nigerians that the forex challenges may actually get worse by the end of the year.

Speaking on Channel Television‘s ‘Politics Today’ on Tuesday, the renowned lawyer argued that there are no visible signs to conclude that the naira will not fall any further.

”Before the end of this year, if we are not careful, the Naira may exchange for N4000 to the dollar because e 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,” he said.

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