Reno Omokri: The Actual Value of Naira is N1000 to a Dollar

Reno Omokri: The Actual Value of Naira is N1000 to a Dollar

According to former presidential aide, Reno Omokri, the naira is worth less than realized.

Omokri said the Central Bank of Nigeria (CBN) uses the country's foreign reserves in US Dollars to keep the value of the Naira up.

“They will tell you that we are broke because the price of oil crash. That is not true," he said. “The oil is just the 15 percent of our Gross Domestic Product (GDP). If the price of oil crash, it is not going to affect our economy to the point where we are so broke.

“Right now they tell you that the value of the Naira is increasing. Look that is completely not true.

“What they are doing is that they are depleting our foreign reserves and using it heavily to support the Naira. In a day they spend as much as $400 million to artificially keep the value of the Naira up.

“If the Naira is left to float, I am telling you; it will be about N1,000 to a Dollar.”


Nigerian Bulletin