Naira Gains International Recognition as Tinubu’s Reforms Pay Off – Onanuga

The naira has hit a six-week high against the US dollar, trading at N1,526.09 per dollar.

This marks a 0.36% increase from the last trading session.

This upward trend is largely due to Nigeria’s currency swap agreement with Chinese traders, who are now accepting naira instead of US dollars for their transactions.

According to forex traders, this agreement, coupled with peer-to-peer foreign currency trade, has contributed to the stability of the naira by reducing pressure on the currency.

Mr. Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, hailed this development as a significant milestone for the Nigerian economy.

“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,” Onanuga said.

The acceptance of naira by Chinese traders is a testament to the growing international recognition of the Nigerian currency, he said.

Onanuga noted that he has personally experienced this on Chinese e-commerce platforms, where naira cards are accepted.

“I also buy some items on Chinese platforms. I can confirm that they accept naira cards.”

This development has also sparked reactions from political figures, with Onanuga jokingly saying that former presidential candidates Atiku Abubakar and Peter Obi, as well as former Kaduna State Governor El-Rufai, would not be celebrating this news.

“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 quipped.

Onanuga noted that the progress being recorded is a direct result of the government’s economic policies.

“The progress being recorded shows that the government’s economic policies are yielding results,” he said, highlighting the administration’s commitment to stabilizing the economy and ensuring sustainable growth.