Nigeria Could witness a Scenario Where ₦100,000 Equals $1 – Ben Murray-Bruce

Nigeria Could witness a Scenario Where ₦100,000 Equals $1 - Ben Murray-Bruce

Former Bayelsa senator Ben Murray-Bruce noted that the best approach is to allow the Naira to float freely, without backing it with the nation’s reserves.

In light of the escalating value of the dollar, he stated that the Naira’s stability has historically been precarious, warning that Nigeria might encounter challenges akin to those faced by Zimbabwe and Venezuela.

Ben highlights the importance of boosting the value of the Naira by purchasing and making use of domestically manufactured products.

According to Ben, he wrote, “Watch Nollywood movies at Silverbird Cinemas. Use Glo over foreign brands. Fly Air Peace and other domestic airlines over foreign carriers. Use Dangote Cement to build your homes.

“Drive around in Innoson Vehicles, like I do. And the Naira will be strengthened. And most significantly, we must encourage our diaspora to repatriate their wealth back home”.

Ben noted that the practice of spending $20 billion a year to prop up the value of the Naira artificially will send the nation into bankruptcy.

He warned that without caution, Nigeria could witness a scenario where ₦100,000 equals $1. The exchange rate in Nigeria has surged by over 30%, significantly impacting the livelihoods of its citizens.

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