President Bola Ahmed Tinubu’s spokesperson, Chief Ajuri Ngelale, has commented on the Naira’s remarkable resurgence, emphasizing that the policies implemented by the Tinubu Administration are yielding positive resultsÂ
“The President has been very consistent in his view that the labour pains felt by our people and the incredible sacrifices made by our people over the past 10 months would be rewarded across the board. The President’s multi-faceted approach to ridding the nation’s foreign exchange market ofmalignactorsand sharp practices have provided a platform for the sustainable strengthening of our national currency against all global currencies and this is what we are seeing but there is still much work to be done and this is not a time for celebration,” Ngelale stated.
However, he cautioned against complacency, stating that there is still much work to be done and now is not the time for celebration.
“It is a time for doubling down and working harder to ensure that inflation is sustainably brought down in short order and that consumer protecting regulatory agencies step up enforcement to ensure that our people are not short-changed by enterprises that fail to reflect the prevailing exchange rates on the pricing of goods and services across the board,” Ngelale continued.
He further noted that as both privately and publicly owned refineries resume operations between now and the first quarter of 2025, the nation’s financial position will significantly improve. This, in turn, will lead to a stronger Naira and a fair reflection of its value in commodity prices.
“Once you join the rising spending power of Africa’s largest population with the historic availability of trillions of naira for consumer credit that will bolster the real sector, you will see why Nigerians will be most pleased that they electeda financial engineer and businessman as president by the end of his first term in office, even as the signs are increasingly more evident today.”
