Naira will exchange for N1000/$1 - Agric Minister

Nigeria's Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has sounded a warning that the naira could become totally worthless at the international stage if the status quo is maintained.

Speaking on Wednesday in Abuja, he complained that the consumption of rice by Nigerians is on the rise and that a lot of people were not aware that rice had some degree of arsenic.

Substituting the excess rice with potato would be welcomed development, he said.

He also said Nigerian businessmen demanded 2.5 billion dollars (about N492 billion) a week for importation of goods and services into the country.

“The volume of importation of virtually everything into this country is too much," he said.

“We sat and were hoping that by devaluation, we are going to arrive at Eldorado; if we continue like this, it will be a thousand naira to a dollar,’’ he said.