Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God (RCCG), has attributed Nigeria’s current exchange rate stability to divine intervention, warning that without it, the naira could have plunged to ₦10,000 to $1.
Speaking at the Special Holy Ghost Congress in Abuja, Pastor Adeboye noted that, through his prayers and those of his followers, the naira’s free fall had been averted.
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Recall the exchange rate currently stands at ₦1,730 to a dollar.
Adeboye reflected on the challenges Nigeria faced before President Bola Tinubu’s administration, noting the country’s dependence on imported fuel despite the billions invested in refineries.
Adeboye said, “Before our president came in, everybody knew that the major reason we were having financial problems is the fact that a lot of money was being spent to import petrol.
“How can we be importing petrol when we have this resource in abundance here? We spent billions of naira on our refineries, and yet they didn’t work. So, we had to keep on importing fuel.”
Adeboye said that the removal of subsidies initially sparked hope for positive change but quickly faced backlash from those who were benefiting from the existing system.
“That’s why when the president came in, the very first day he came, he said these money spent on importing petrol are canceled. We were all rejoicing but some people were angry — those making money from importing petrol. Then they decided to create problems, and suddenly, the naira began to decline rapidly.
“I called on my people to pray, and some people joined in. Because the way the naira was declining, if God had not intervened, by now, $1 would be about N10,000. But God stepped in,” the cleric added.
