THE naira yesterday firmed by 3 percent to N364 against the United States Dollar in the parallel market after hitting an all time high of N400 last week.
The new rally which started last Friday, when it traded at N375 from N403 on Wednesday, even as President Muhammadu Buhari, insisted that his government will not approve a further devaluation of the naira continued in the new week with 4 per cent surge Monday.
This is coming as billionaire oil magnate, Mr. Ifeanyi Ubah, yesterday boasted he will crash the dollar to N200 if consulted to intervene by the Federal Government.
Addressing the media in Abuja, Ubah, who is also the Managing Director and Chief Executive Officer of Capital Oil and Gas, offered to halt the dwindling fortunes of the naira in 30 days, pledging to forfeit
his assets worth over N500 billion if he fails to deliver on the mandate.
He said that he has the ingenuity and capacity to bring the naira to N200 to one dollar if consulted by the Federal Government.
According to him, Capital Oil contributes over 35 per cent of Nigeria’s daily petroleum consumption, loading out an average of 15 million litres daily.
“If I have achieved this feat, neither by waiver or any form of grant or concession from the government, achievements which are still very visible, why would I not achieve that which I have said? I am a man brimming with confidence and ideas, which is why I would dare to make such an audacious wager.
I have put my money where my mouth is. Nigerians should keep the faith with me. What patriotism or sacrifice could be greater than this? he asked rhetorically, saying that he is pained by the fre fall of the naira
source; The Sun
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