IMPOSSIBLE? N100 Will Be Equal To $100, Says Nigerian Lawmaker, See How Many Years It Will Take To Achieve This
Notwithstanding the recent record low of the naira versus the US dollar, federal lawmaker Clement Jimbo forecast that N100 will be equivalent to $100 in less than 16 years.
“In less than 16 years from now, they will be equalled again, “Mr Jimbo said in a post on Facebook, using a folded picture of N100 and $100 bills for illustration.
But he did not elaborate on how it would
occur In the House of Representatives, Mr.Jimbo, an All Progressives Congress member, is the representative for the Abak/lka/Etim Ekpo Federal Constituency in Akwa Ibom State.
His forecast was made while the value of the Nigerian Naira relative to the US dollar was still falling.
According to a previous article by PREMIUM TIMES, the naira depreciated by 3. 94 percent on Monday in the official market, closing at N1, 598, 54 for $1, down from Friday’s rate of N1, 537. 96.
The last time US and Nigerian money were side by side was in 1985, when one naira was exchanged for one dollar, according to a BBC story.
Thirty-four years later, the naira’s value against the US dollar has risen to N1, 598. 54, a thousand plus percentage gain.” if…, there won’t be any moni x n 16 years.” economist. 1XBET
Professor of economics Akpan Ekpo offered an economic analysis of the legislator’s prognosis, stating that unless steps were made to reverse the current fall, the naira currency would not equate to the US dollar by the year Mr. Jimbo predicted.
In an interview with PREMIUM TIMES on
Tuesday, Mr. Ekpo, a former vice- chancellor of the University of Uyo, made this statement.
He stated that before drawing a decision, the legislator must be transparent about the framework and model he used.
“Naira is going through a free- fall and if something is not done, 16 years is even too far, in the next two years the currency will be worthless.
“The currency is part of the sovereignty. We need to have a productive economy to stir up our currency. We need to manufacture and export non-oil goods so that we can earn foreign exchange. Then the value of our currency will appreciate.
“We cannot rely on market forces. You can even see every week, it is depreciation, Mr Ekpo said, adding that by the 16 years predicted by the lawmaker, there will be no currency.
