READ ALSO: NAIRA Rates Against The USD, GBP EURO Today February 26, 2024
IT was last week Thursday, February 22nd, 2024 that I went out to do my findings about the true status of Nigeria Naira rate against the United States Dollars, I decided to make an enquiry from Malams otherwise known as Aboki.
My findings yielded some fruitful results that the Federal Government can use to make informed decisions. It also revealed that the blockage of the online trading in Foreign Exchange is yielding positive results.
In my conversations with the Aboki, the Naira can still appreciate further.
Come to think of it, why are we still depending on foreign currency (Dollars) to determine our fate? When Dollars sneeze, we grow cold. For how long are we going to be under the tutelage of the World Bank, and the IMF?
Since 1986 under the former President Ibrahim Babangida we have become slaves to the IMF whose mission is to cause chaos, unrest, inflation and hunger under the guise of stabilizing our economy. That is a story for another time.
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My Conversations With Aboki
SOJ: How are you today? (He had earlier said they have been in hiding to avoid being arrested).
ABOKI: Alhamududilah
SOJ: I hope you don dey come out?
ABOKI: I dey come out but I no dey open shop.
SOJ: SO nobody dey open for that place.
ABOKI: Nobody, but we go buy now.
SOJ: How much is Naira if I want to sell?
ABOKI: Dollar? How much?
SOJ: $200
ABOKI: Na N1,500
SOJ: How much you go sell am if I want to buy?
ABOKI: N1,510. We are not even buying Dollars again, let us wait for Monday (today).
One thing to note was that on Monday of the same week, Naira was N1,870 to a Dollar.
As at Thursday, Aboki still buy at N1,800 and sell to their customers at N1,870.
But on Friday, the following day, Dollar crashed to N1,500 according to my findings from two Abokis.
I went further to confirm why the Dollar was crashing, he said it was my brother, Tinubu that caused it.
He said that Tinubu wanted Naira to crash to N750, this, he said it is not possible considering the volumes of their investments with the hope that Naira will crash further for them to get maximum profits.
READ ALSO: ARMY Denies Coup Alert Against Tinubu
He said they are negotiating for N1,000 per Dollar.
One stunning remarks from Aboki is that they are scared of opening their doors for business as usual. He said, there is a clampdown on the operators in Lagos where he said about 900 have been arrested including his younger brother.
He added that many people have been arrested in Abuja, Kano, Akure, Kaduna and other places.
They have gone into hiding and refused to pick calls from any unknown numbers to avoid being arrested by the EFCC.
The happenings in the financial markets showed that some elements are there sabotaging the efforts of the government in order to create chaos and making it look like the government is not capable of stabilizing the economy.
One Of The Regrets As Naira Appreciates
Thousands are licking their wounds as Naira is appreciating against the Foreign Currencies because they are expecting huge profits on their investments.
A source told SOJ WORLDWIDE that a friend said they were advised in their office to buy more Dollars because Naira will fall to N2,500 in few days.
“Last week, a friend told me how a colleague was telling them in their office to go and buy Dollars because he felt a dollar to naira would reach N2,500.
These are the same set of Nigerians who make more noise about the state of our economy, they engage in such dealings and still come online to blame the government.
But inwardly they’re happy because of their investment and now reverse is the case… Dollar is now N1,500″
Since Dollars have become our oxygen for survival, for how long will the government continue with this ‘cat and mouse’ race?
Will Nigeria Naira survive these onslaughts? Only time will tell.
Adesoji Omosebi is the Publisher of SOJ WORLDWIDE ONLINE NEWS
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