Naira can’t return to previous rate against dollar – Omokri

Alex Omenye
Alex Omenye

A former presidential aide, Reno Omokri, has revealed that the country is allocating $1.5 billion to defend the naira in an interview with TVC.

Omokri who the television station invited to speak about the recent turbulence in Nigeria stated that the naira would not revert to its status of two or three years ago, and those harboring such hopes should dismiss the notion entirely.

He stated, “Bringing back the Naira to where it was two or three years ago is not going to happen. Two or three years ago, the Naira was not floated. So what you had two or three years ago was an artificial Naira. The CBN was spending 1.5 billion dollars every month to give you that rate.”

He added that those expecting an appreciation of the naira should bury the thought. “So stop expecting that you’re to have that same rate of two or three years ago. It is gone forever. That was not a real Naira. That was a Naira that was being spent by the CBN.”

Omokri continued, “We were not spending 1.5 billion dollars on education or infrastructure. We were spending it defending the Naira. That is why we’re where we are today. The Buhari administration technically almost destroyed the country.”

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