Naira firms to N364/US dollars
— February 24, 2016
…As Uba insists he’ll reduce it to N200
From Isaac Anumihe, Abuja
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
“As an economist and a business man, I am pained because of the ongoing dwindling of the naira and I felt that it is high time people should not doubt who is Ifeanyi Mba, what can he do? Where is he today in the centre of Nigeria’s economy?.
The issue is about capacity, creative thinking, and the ability to deliver. I am very much sure that you are aware that at about 9 years ago, I was able to create a structure that till date, has not been beaten in the downstream sector of the Nigerian economy. This is a structure that has continued to control close to 34 per cent of daily Nigerian petroleum consumption distribution. At least, you can get this information from NNPC, PPMC, DPR and PPRA.