Amidst a backdrop of positive strides in Nigeria’s foreign exchange market, the Presidency endorses its the Governor Yemi Cardoso-led Central Bank of Nigeria (C.B.N) in its efforts to stabilize the nation’s currency, the Naira. Emphasizing a commitment to combatting illicit activities, the Presidency vows to intensify regulatory measures against racketeers and malign actors.
Under the stewardship of President Bola Tinubu, the administration stands firm in its backing of the C.B.N’s initiatives aimed at bolstering the Naira’s value. Additionally, Ajuri Ngelale, Special Adviser to the President on Media and Publicity, highlighted the government’s multi-faceted approach to tackling challenges within the foreign exchange market. Ngelale’s statements come amidst recent proactive steps taken by the C.B.N to arrest the Naira’s decline and restore market equilibrium.
Governor Cardoso’s tenure at the C.B.N has been marked by decisive policy interventions to stabilize the Naira. Consequently, these efforts include unifying exchange rate windows, liberalizing the foreign exchange market, and clearing backlog obligations for banks and airlines. Analysts credit these measures for the recent positive trajectory of the Naira against major global currencies.
Despite these gains, the Presidency remains resolute in its commitment to eradicating nefarious activities in the market. Ngelale underscored the government’s determination to clamp down on racketeers and uphold market integrity. Beyond mere stabilization of exchange rates, the administration aims to tackle inflation and reduce the prices of essential commodities by the first quarter of 2025.
President Tinubu’s administration has faced challenges, particularly following the cessation of petrol subsidies and the unification of foreign exchange rates. However, recent indications of a strengthened Naira signal progress in the government’s efforts to restore stability and economic prosperity.
Looking ahead, the Presidency remains optimistic about Nigeria’s economic outlook. Additionally, with the anticipated resumption of operations by crude oil refineries, Ngelale emphasized that these reforms would translate into tangible benefits for Nigerians, including increased purchasing power and reduced commodity prices.
The rising value of the Naira is evident in recent market trends, with positive implications for the economy. The C.B.N’s efforts to revise exchange rates for Bureau De Change operators and supply foreign exchange to eligible entities further underscore the commitment to fortify the Naira.
Industry stakeholders, such as Lagos Chamber of Commerce, endorse government initiatives.
Small and Medium Enterprises Development Agency of Nigeria expresses backing.
They view government measures positively for market stability and economic growth stimulation.
Support from key stakeholders underscores confidence in government’s policies.
This collaboration reflects unified efforts towards achieving economic prosperity and stability in Nigeria.
Furthermore, they believe that these measures will enhance market stability and stimulate economic growth.
Collaborative efforts of Presidency and C.B.N. address economic challenges. Reforms and interventions promise a stronger Naira. Nigerians anticipate improved living standards. The outlook for Nigeria’s economy appears promising.
Follow us on Socials: