The Special Adviser on Information and Strategy to President Bola Ahmed Tinubu, Mr. Bayo Onanuga, has expressed optimism over the resilience of the Nigerian naira, attributing its rising acceptance internationally to the reforms introduced by the Tinubu-led administration.
Onanuga was reacting to reports that some Chinese traders now accept the Nigerian currency, the naira, directly from customers instead of insisting on transactions strictly in the United States dollar.
Economic analysts have linked the strengthening of the naira to Nigeria’s currency swap agreement with China, which allows traders to use the naira in exchange for the Chinese yuan. Another factor identified is the growing popularity of peer-to-peer currency exchange platforms. These platforms enable individuals to trade directly without relying on banks or other middlemen, thereby reducing pressure on foreign exchange markets.
According to the Central Bank of Nigeria’s latest data, the naira appreciated by 0.36 percent on Monday, rising to N1,526.09 per dollar compared to the previous closing rate of N1,531.57 per dollar. This marks the strongest exchange rate performance in six weeks.
Reacting via his verified X handle on Tuesday, Onanuga said, “This is a salutary development for the Nigerian economy. The Tinubu reforms are making foreigners have faith in the naira. The Almighty US dollar is not the ultimate king here. The naira is waxing stronger as an international means of exchange.”
He also shared a personal experience, noting, “I also buy some items on Chinese platforms. I can confirm that they accept naira cards. El-Rufai, veteran runner Atiku Abubakar, and Peter Obi will never celebrate this development. They are waiting for disasters to vent their political frustration on President Tinubu.”
Onanuga emphasized that the improvement in Nigeria’s currency stability is evidence that the administration’s economic strategies are yielding positive outcomes.
okay.ng reports that this development further demonstrates that ongoing financial reforms are boosting confidence in Nigeria’s economy, both at home and abroad.
