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Business & Finance

Ifeanyi Ubah’s Dollar Magic Boosted the Naira in 48 Hours? Nigerians Congratulate Him

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As the nation’s currency which exchanged at N400 to the US dollar on Sunday, is currency selling N310, Nigerians are now congratulating business mogul, after he stated that he could restore the nation’s currency to an exchange rate of N200 to one US Dollar within one month.

Dr. Ifeanyi Ubah
Speak­ing on a Channels Television poli­tics programme on Sunday, billionaire businessman and the Chairman of Capital Oil and Gas Services Ltd., Dr. Patrick Ifeanyi Ubah, said that if the President Buhari-led federal gov­ernment consults him, he could re­store the nation’s currency to an ex­change rate of N200 to $1 within one month, thereby arresting the slide in the Naira which is virtu­ally crippling the economy.
“Look at the economy, look at the position of the naira today; some of us have ideas on how we can restore this. Do you know how many Burea De Change people who food has been taken out of their families because of this? If you say they are the ones causing it, then where are you today? 
 
“It needs strategic management. It won’t take me one month, if you give me part of that consultancy, naira would come back to 200. I can bet my life with it, naira would come back to N200. If you call me for that consultancy, I would put naira back to 200,” he said.
In less than 48 hours after Dr. Ifeanyi Ubah’s comments on live television, the naira has seen some unprecedented boost against the US dollar. The naira was quoted at 380 to $1 on Monday, and it rose to 364 on Tuesday morning, closing trading hours around 340 while this morning, it was quoted N310 by ThisDay.
Arguing that the currency is recovering due to his efforts, the billionaire mogul, said in a statement he posted on Facebook on Tuesday:
Investigations reveals that Nigerians are shunning dollars on the parallel market in anticipation that in a month time Dr. Ubah would have been consulted to revive the naira. This led to reduction in demand, consequently leading to an appreciation of the currency.
Meanwhile, Ifeanyi Ubah has been trending on social media as Nigerians are currently congratulating him for a job well done, urging him to continue to do more in saving Nigeria. Below are some of the tweets we gathered on social media;

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