Media personality Daddy Freeze has reacted to the free fall of the Nigerian Naira against the dollar.
Naija News understands that the exchange rate between the Naira and the US dollar fell beyond the N710/$1 threshold at the black market on Wednesday afternoon.
Reacting to the development, Daddy freeze shared a tweet made in 2016 from the General Overseer of Redeemed Christian Church of God, Pastor Enoch Adeboye.
The clergyman had written: “Either the IMF likes it or not I decree the Naira will rise again #ArrestingtheArrester”.
Attaching the tweet to his Instagram post today, Freeze wrote “Naira Marley will definitely rise again… all he needs is a new single”.
Why Does the Naira Keep Depreciating?
According to a senior lecturer of Economics at the Pan Atlantic University, Dr Olalekan Aworinde, the Naira keeps depreciating because the demand is not as high as expected.
Speaking during an interview with Punch Aworinde said: “The depreciation of the currency is something that is not new. Over time, we have seen the naira depreciate constantly. Hardly do we witness the appreciation of the naira.
“This is not farfetched; the naira keeps depreciating because the demand for the naira is not as high as expected. This is coupled with the fact that there is also a lot of food inflation in the country. We do not produce anything that will make people demand for the naira. If Nigeria was producing something, then the implication is that a lot of people might need to demand for the naira, but we do not produce anything of value.
“We only produce raw materials and semi-finished goods that are of lesser value. The naira is not in demand and this is why it keeps depreciating. The implication of this is that we’ll be consuming imported goods, and the majority of these goods might be imported inflation and, as such, it would bring an increase in the services of goods and services over time.
“The naira will continue to depreciate unless the government does something in terms of the manufacturing sector of this country, and the provision of infrastructure among which is stable power supply. Without a stable power supply, the cost of production will be over the roof.”