Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God (RCCG), recently credited divine intervention for Nigeria’s current exchange rate stability, stating that without it, the naira could have plummeted to ₦10,000 to $1. He made this statement at the Special Holy Ghost Congress in Abuja, highlighting that prayers from him and his followers helped avert the naira’s free fall.
Adeboye reflected on Nigeria’s challenges before President Bola Tinubu’s administration, noting the country’s dependence on imported fuel despite billions invested in refineries. The removal of subsidies initially sparked hope but faced backlash from those benefiting from the existing system, leading to a rapid decline in the naira’s value.
However, it’s worth noting that Nigeria’s inflation rate has increased to 33.88% in October, up from 32.7% in September, with food inflation reaching 39.16% ¹. This rise is attributed to higher transportation costs and food prices. The National Bureau of Statistics (NBS) reports that the inflation rate is 6.55 percentage points higher than in October 2023.
The current exchange rate stands at ₦1,730 to a dollar, and Adeboye believes that prayers helped stabilize it. His comments come as Nigeria continues to navigate economic challenges, including inflation and currency fluctuations.
