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  • Updated: December 02, 2020

Dollar-Naira Exchange Rate: See When Melaye Predicted That Dollar Will Be N500 (Video)

Dollar-Naira Exchange Rate: See When Melaye Predicted That D

Dino Melaye, the representative of Kogi West Senatorial district at the 8th Senate, in 2019 predicted that the Dollar-Naira exchange rate will stand at 500 naira to a dollar 'except there is a miracle'.

Melaye, who stated this while at the floor of the Senate back in 2019, challenged the proponent of the 2019 budget.

READ ALSO: Naira Crashes Against Dollar As CBN Clampdown On Multiple Exchange Rates

According to him, the budget did not make provision for unemployed youths and poor masses.

"Mr President inflation is on the rise, unemployment is on the increase, yet we have a budget that has nothing for the poor masses of this country.

"I challenge the proponent of the 2019 budget, I challenge those who support everything presented by the executive, to tell me where in the 2019 budget has any provision been made for the unemployed and the poor masses.

"Mr President as I speak there is no longer foreign investment in Nigeria I announce to you with all these indices and yardstick, by the end of May except there is a miracle a dollar will rise to five hundred naira," Melaye at the floor of the senate in 2019 said.

Recall that AllNews on Monday reported that the naira crashed to one of its all-time low, exchanging at NGN500 for $1 in the black market on Monday, November 30, 2020. 

The crash of the Nigerian currency followed last week's directive from the Central Bank of Nigeria (CBN), which ordered the Bureau De Change operators to sell a dollar at NGN392.

However, the black market continues to sell at a higher price, offering NGN108 more than the stipulated CBN price. AllNews gathered that a dollar was bought and sold at NGN480/500 as of 11 am on Monday. It was on sale at the same price on Saturday, November 28, 2020.

However, it closed the week market at NGN5 lower than the current price, ending with NGN480/495 on Friday, November 27, 2020. During the same period, a dollar sold for NGN380 by the CBN. The dollar has remained strong against the naira in the black market even after the decision by the CBN to unify the multiple exchange rates in Nigeria.

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