The Presidency says the consistent appreciation of the Naira in the past weeks indicates that the incredible sacrifices of Nigerians have started paying off.
Aguri Ngelale, Special Adviser to President Bola Ahmed Tinubu, disclosed this in a recent statement while reacting to the sustained appreciation of the Naira at the foreign exchange market.
The Presidency insisted that the multi-faceted approach put forward by Tinubu’s administration in defending the Naira against currency racketeers would be sustained.
He added that the government will work harder to ensure inflation is reduced.
“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 ten months would be rewarded across the board.
“The President’s multi-faceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices have provided a platform for the sustainable strengthening of our national currency against all global currencies. This is what we are seeing.
“But there is still much work to be done, and this is not a 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,” he added.
The development comes as the Naira appreciated to N1230.61 per US dollar on Monday from N1,251.05 last week, according to FMDQ data.
Recall that the CBN distributed another $10,000 to each BDC at N1,101 per Dollar.