Lawyer and human rights activist, Mike Ozekhome, has raised concerns about the continuous depreciation of the Naira against the Dollar, warning that it may reach 4000 to the dollar before the year’s end.
Ozekhome’s warning comes amidst the persistent scarcity and demand for dollars, leading to a significant decline in the value of the Naira.
In response to the challenges, the CBN governor, Olayemi Cardoso, pledged to address the monetary issue, stating, “We will do what it takes” and promising to generate more liquidity for the forex market. Cardoso also highlighted the increase in reserves, stating, “In terms of the reserves, it has gone up to $34 billion.”
However, Ozekhome speaking on Tuesday on PoliticsToday expressed skepticism about the effectiveness of the measures, stating, “There are no visible signs that the Naira won’t fall any further.” He cautioned that if proactive steps are not taken, the Naira may reach a critical level, comparing the situation to Ghana’s past economic crisis.
Ozekhome criticised the government’s economic policies, emphasising the need for a comprehensive review.
He expressed surprise at the administration’s tendency to blame its predecessors, stating, “Everything has gone wrong,” and criticising the slogan of renewed hope as translating to renewed poverty.
Ozekhome urged the government to take decisive action, emphasizing the need to alleviate the suffering of the people by revisiting economic strategies.
