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The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor E.A. Adeboye, has said that the exchange rate could have skyrocketed to ₦10,000 for $1 if not for divine intervention.
Speaking during the Special Holy Ghost Congress in Abuja, Adeboye linked Nigeria’s financial struggles to its heavy reliance on fuel imports, despite being a significant oil-producing nation.
He criticised the billions spent on refineries that remain non-functional, forcing the country to depend on imported petrol.
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Addressing the contentious removal of fuel subsidies, Adeboye remarked that the decision angered those who had profited under the previous system, further exacerbating Nigeria’s economic woes.
“We need help, and it’s not human help; it’s divine help,” he emphasised.
“Before our current President took office, we were aware that the root of our financial issues lay in the importation of petrol. Despite having oil, we continued to import petrol and waste billions on refineries that did not operate effectively.
“When the President cancelled the subsidy on petrol imports, those who benefited from it became upset and created more problems,” he added.
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Reflecting on the naira’s rapid devaluation, Adeboye said he turned to prayer and expressed gratitude for others who joined him.
“If God hadn’t intervened, $1 could have been worth ₦10,000 by now. This illustrates how much we need prayers,” he said.
Meanwhile, the naira returned to depreciation against the dollar at the foreign exchange market barely 24 hours after respite.
FMDQ data showed that the naira depreciated to N1,650.20 per dollar on Thursday from N1,645.45 exchanged on Wednesday.
On the black market, the naira traded between N1,738 and N1,745 to the dollar on Thursday.
This comes as FX transaction turnover dropped to $214.73 million on Thursday from $236.84 million recorded the previous day.
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