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

Following his claim on Sunday, February 21, that he could make the
depreciating naira rise to an exchange rate of N200 to $1 within 30
days » , Capital Oil and Gas boss, Dr. Ifeanyi Ubah, says he knows those
behind the current foreign exchange crisis.
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.