Oil mogul says he'll fish out those manipulating foreign exchange

dimeji akinloye

February 23, 2016 9:05 PM

Ubah said he will achieve the goal with a four-point strategy, which he will not make public unless appointed a consultant by the federal government.

The Chairman, Capital Oil and Gas- Ifeanyi Ubah

Following his claim on Sunday, February 21, that he could make the depreciating naira rise to an exchange rate of

Speaking to newsmen in Abuja today, February 23, Ubah said he would make good his promise to strengthen the naira and name those manipulating crash if only President Muhammadu Buhari would appoint him a consultant on Financial Stability, stressing that he does not want to be paid for the job.

However, with the naira rising to 340 at the close of trading hours today, Ubah claims the recovery of the naira was not unconnected to his effort, despite the fact that he has not been appointed a consultant by the federal Government.

He said in a statement: “Fellow Nigerians, I wish to thank you for the support and encouragement you have given me so far. It has been unprecedented.

“As at this evening, the Dollar has dropped further to N310 as against N390 on Sunday evening before my interview on Channels.

“This shows that the earlier increase has been artificial as some people were manipulating and benefitting from it. They will all be fished out in due course so that Nigeria will be better and the suffering of the masses will end.

“With God and our sincere efforts, even when we have not been fully consulted, the Dollar can still be brought down to N200 and below. Let the discourse continue. Shun the Dollar till it’s N200."

The Cable, after an independent investigation, reports that “big companies” are shunning dollars on the parallel market, reducing demand, consequently leading to an appreciation of the currency.

dimeji akinloye