The exchange rate might have increased to N10,000 per $1 in the absence of divine intervention, according to Pastor E.A. Adeboye, General Overseer of the Redeemed Christian Church of God (RCCG).
According to Adeboye, who made this claim while addressing at the Special Holy Ghost Congress in Abuja, Nigeria’s financial problems are mostly caused by its dependency on fuel imports, even though the nation has substantial oil reserves.
He pointed out that refineries have cost billions of dollars, yet many of them are still inoperable, meaning that the country would continue to rely on imported gasoline.
The controversy surrounding the government’s decision to remove expensive gasoline subsidies, which infuriated many who benefited from the previous system and added to already existing economic difficulties, was another topic Adeboye touched on.
“We need help, and it’s not human help; it’s divine help,” he stated.
“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.”
“I prayed and was thankful that others joined me in prayer,” Adeboye added, referring to the sharp decrease in the value of the naira.
“If God hadn’t intervened, $1 could have been worth N10,000 by now. This illustrates how much we need prayers,” he added.