One Dollar Might Still Be Exchanged For N1,000 In Nigeria -- Ezekwesili

The co-convener of the Bring back Our Girls, Mrs Oby Ezekwesili in a whatsapp message yesterday said, “the fear of the unknown created by President Buhari is responsible for the economic downturn not low oil price”.

 To those who believe it would be worse if Jonathan is still there, you are all wrong.

 Policy continuity and political stability would not let billions of dollars leave our shores within such a short time frame.

In the end, foreign investors took over $80 billion out of the economy within a short period and everything went down to free fall.

Even though the government might have income shortage, the private sector would weather the storm by their confidence in the market.

 Interest rate in America is currently at 0.5% while it is 12% in Nigeria.

JP Morgan Chase would not mind borrowing $50 billion from the US banks at 0.5% and invest it in Nigeria for return of 200%. Citibank would do the same, likewise US Bank Corp.

Morgan Chase gave Buhari warning about the repercussions of his currency fixing policy before they pulled out of Nigeria.

But his illiterate cyber warriors and mis-educated e-soldiers said, “JPMORGAN can go to hell.

Curiously, Buhari’s blinded online supporters suddenly no longer believed in economic metrics. 

Apparently, their messiah is now in charge of the country, so all economic laws can be suspended to make excuses for him.

Funny enough they are all suffering today because of the policy but they find relief by blaming it on past administration and the “Gucci appetite” of the average middle-class Nigerian.

For the record, if President Buhari continues with this policy, the Naira will go further South and we may be seeing a N1,000 to $1 exchange rate soon.

-Nigeriannewspappers