On August 10, 2015, I predicted that one Dollar will exchange for N500.00 within one year and it seems Nigeria is closer to that prediction now in August 4, 2016. Naira crashes to N400 to dollar, N510 to pounds in the parallel market.
I made the following predictions:
I am not blaming President Buhari or APC because there is enough blame to go around for the expected doubling and predictable rise of the exchange rate of Nigerian Naira to Dollars, Euro and other hard international currencies which is causing economic hardship for Nigerians.
First of all, a lot us have over the years been worried about the situation, where with the huge and abundant talents Nigeria have and abundant amount of Agricultural resources, fertile land, Rivers, lakes and ocean available to Nigeria that too many countries will be thanking God for that to make them great nations, but Nigeria doesn’t understand how blessed the country is to use these resources to diversify Nigerian economy as soon as possible.
My main point:
Earlier last year 2014, the exchange rate for Naira to Dollars was N140 to N150 Naira to One Dollar, but it has doubled today to N240 Naira to one Dollar. What makes a sensible person not understand that with the way things are going on in Nigeria, that it is possible for the exchange rate to double to N500 to one Dollar.
Reasons of the possibilities of Naira double to N500 Naira to a dollar.
(A) USA and Europe have stopped buying our oil after they have developed efficient technologies to fine and produce more oil and gas in their lands..
(B) USA, Europe, Asia and Brazil the big buyers of our oil and Gas are now increasing their use of alternative energy like electric cars, hybrid, ethanol, Natural Gas to run motor vehicles and their factories and industries.
(c) Nigeria is not developing her agriculture, Fishing, and aquatic resources from the abundant Rivers, Lakes and Ocean to diversify Nigeria economy.
(d) The countries buying our oil and gas now from Asia majority of them don’t have hard and international Currencies, because Countries like India, Malaysia, Indonesia from Asia have to also source and look for hard currencies and International currencies like Nigeria, and it hits them hard too on their countries exchange rates.
Finally, with Corruption, looting of Nigeria wealth stashed away in foreign countries and the Boko Haram and Refugees dislocation of population in West Africa and North Africa. All these will affect Nigeria growth and development rate.
These are the reasons I feel that this is just morning time for Nigeria.
Things do not look great as it looks if serious action is not taken by President Buhari and I wish President Buhari luck.
Please, mind you that myself here and my family in Nigeria suffer when things go wrong in Nigeria like before. I am just being honest.
I am not blaming President Buhari or APC at all.
These are structural problem for Nigeria for over 30 years now.