My predictions on Naira has come to pass – Sowore

The presidential candidate of the African Action Congress, AAC, in the last general election, Omoyele Sowore, has claimed that his prediction about the depreciation of the naira in 2024 has come to pass.

In a post on his official X handle on Tuesday, the activist said he had predicted that the local currency would depreciate to N1,500 to $1 by 2024.

Citing the current economic crisis, Sowore declared that the “country has been finished”, urging Nigerians to take their country back from those allegedly killing it.

He wrote, “My prediction in December of 2023 is that the Nigerian currency -Naira- will be exchanged for N1,500 to $1 by 2024, and it has come to pass, and we are still in January.

The exchange rate fell to a fresh low of N1,460 per dollar at the parallel market on Tuesday morning with traders expecting further weakness in the coming days as dollar shortages worsen.

The naira also fell to an all-time low of N1,348.63 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, a 33.87 percent decline compared to the N891.90 quoted.

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Nigeria’s currency is teetering towards a record-low of N1,500 against the US dollar in the face of a severe dollar shortage in the parallel market.

The exchange rate fell to a fresh low of N1,460 per dollar at the parallel market on Tuesday morning with traders expecting further weakness in the coming days as dollar shortages worsen.

The naira also fell to an all-time low of N1,348.63 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, a 33.87 percent decline compared to the N891.90 quoted on Friday, according to data from the FMDQ.

The exchange rate had hit an intraday high of N1,414.94 per dollar on the day as the daily FX market turnover dropped by 36.68 percent to $64.29 trillion on Monday from $100.97 million recorded on Friday.