According to Enoch Adeboye, the general overseer of the Redeemed Christian Church of God, the naira is likely to bounce back to compete favourably with the U.S. dollar very soon.
Adeboye said this during the church’s monthly Thanksgiving service on Sunday, saying the days when the naira competed favourably with the dollar would return.
“Those glorious days will return,” he said. “When that happens, you will know.”
Read also Naira firms up after three days of loses at black market
Adeboye’s prediction comes when the naira has been under pressure, trading at around N915 to the dollar on the black market. The currency has been weakened by several factors, including the country’s high inflation rate and the ongoing fuel subsidy removal.
However, Adeboye said that he was confident that the naira would recover. He cited the country’s strong economic fundamentals, including its large population and abundant natural resources.
Read also Naira loses 3.32% in official market as dollar liquidity drops
“The naira is not going to die,” he said. “It will bounce back stronger than ever before.”
Adeboye’s prediction was met with mixed reactions. Some economists expressed scepticism, saying that it was unlikely that the naira would recover to its pre-subsidy removal levels. Others were more optimistic, saying that Adeboye’s prediction was based on sound economic principles.
Only time will tell whether Adeboye’s prediction will come true. However, his words have given hope to many Nigerians struggling with economic challenges.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
