Naira may hit N500/$1 - Governor Obiano

Chief Willie Obiano, the Anambra State Governor  has said that the naira will continue to fall against the dollar till it reaches N500 to the greenback.


Obiano said this during the commencement of the Anambra State Fire and Safety Summit in Awka on Wednesday.

The governor, who expressed fear that the dollar would continue to rise against the naira, said it would take no fewer than 18 months for the economic downturn in the country to subside.

He said, “People should embrace risk management. That is the solution to disaster, especially in a recession.

“No recession lasts less than 18 months, so we need to wake up. The naira is moving to N500 per dollar.

“We need to secure our certificates and other valuables of ours so that nothing will happen to them overnight. That’s the way to survive in a recession.”