During a stakeholder meeting at the Cultural Center in Kuto, Abeokuta on Thursday, Governor Dapo Abiodun of Ogun State made a bold declaration regarding the future of the dollar to naira exchange rate.
He asserted that the value of the dollar would plummet within a month, attributing this forecast to discussions held with President Bola Tinubu during an emergency governor’s meeting.
“I can assure you that the dollar will crash down in less than a month,” Governor Abiodun stated confidently, addressing concerns over the nation’s economic challenges. He emphasized the government’s determination to confront these issues head-on, despite acknowledging the presence of saboteurs within the economy.
In response to this announcement, reactions poured in on Twitter, reflecting a mix of skepticism and cautious optimism.
Lengdung Tungchamma expressed skepticism, highlighting the specificity of the governor’s statement and questioning the feasibility of such a drastic change in the exchange rate.
He said, “This tells you the problem with the Nigerian politician. The dollar has zero chance of crashing in the next one month except for a black swan event. What can happen is for the Naira to grow. Notice the exact wording of the statement. No expectations of growing the Naira, just crashing the dollar. We’re on a long thing.”
Meanwhile, Alexicographer Global Foundation desires for a controlled adjustment rather than a sudden crash, underscoring concerns about economic stability.
He said, “The kind of crash we want is for it to return back to 120 per dollar. Not that when it regresses a little with 100 naira, then you people will start shouting that the dollar has crashed.”
M.D Bodede demanded concrete evidence to support the governor’s assertion, calling for transparency in the decision-making process.
He said, “Not by mouth. Show workings.”
Youngsixtus echoed the sentiment of reserved belief, indicating a need for tangible outcomes to validate the prediction.
Erioluwa Adeola raised practical concerns regarding the country’s export capacity and its impact on exchange rates, reflecting on the broader economic context.
He noted, “If that happens it will be good. But do we have what it takes to crash the dollar down for the naira to increase looking at our export rate at the moment?”
Similarly, @JohntradesEU pointed to monetary policies and their potential influence on the naira’s stability, expressing skepticism about the feasibility of the governor’s prediction.
He asked, “With the Naira’s LOOSE monetary policies?”
Samwell adopted a wait-and-see approach, anticipating how events would unfold in the coming weeks, saying “Let’s watch how it turns out.”
