In a surprising turn of events, the Naira continues to rise in value in the foreign exchange market, much to the dismay of Binance speculators who had hoped for a drop to N2,500. President Bola Ahmed Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, proudly announced this victory over the speculators, crediting the Central Bank of Nigeria under Governor Olayemi Cardoso for their successful economic measures.
Onanuga took to his official X handle to share the news, emphasizing that the Naira’s appreciation against the USD is a positive development for Nigeria and should be celebrated by all patriots. He dismissed the doomsday predictions surrounding the country’s currency, stating that such comparisons to struggling economies like Argentina and Zimbabwe are unfounded.
The recent exchange rates of N1,290 and N1,382.95 per USD at both the official and parallel markets further solidify the Naira’s upward trajectory. The CBN’s decision to sell $10,000 to each Bureau de Change at N1,251 per US dollar on Monday demonstrates their commitment to strengthening the Naira.
As the Naira continues to gain strength, Onanuga remains confident that prices for goods will soon decrease, bringing relief to the Nigerian people. This ongoing success in the foreign exchange market serves as a testament to the effectiveness of the economic measures implemented by the CBN under Governor Cardoso.
The future looks bright for Nigeria as the Naira stands strong against the USD, defying the expectations of naysayers and speculators. The country’s resilience and determination to overcome economic challenges are evident in this remarkable achievement.
