The recent surge in the performance of the Naira over the past month has been hailed as a positive indication, bolstering investors’ confidence in President Bola Tinubu’s economic policies.
According to Bloomberg UK, the Naira has been declared the world’s best-performing currency since March 2024.
Presidential spokesman Ajuri Ngelale attributed the achievement to the visionary leadership of President Tinubu and his Economic Advisory Council (ACE team).
Ngelale highlighted the strategic initiatives and policies implemented by the ACE team, including Wale Edun, Minister of Finance; Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS); and Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN).
“Their collaborative efforts have played a crucial role in stabilizing the Naira and boosting investor confidence, encouraging significant economic reforms aligned with global best practices,” he stated.
He added: “Since assuming office in May 2023, President Tinubu has emphasized the need for a thorough overhaul of Nigeria’s monetary policy.
“He has pledged to work towards a unified exchange rate to redirect funds towards meaningful investments in the real economy, reduce interest rates to stimulate investment and consumer purchasing, and enhance fiscal responsibility and transparent governance.”
Ngelale emphasized that the Naira’s success under Tinubu’s administration validates the effectiveness of his economic strategies and the proficiency of his ACE team.
His words: “The focus on critical areas such as fiscal responsibility, transparent governance, and international trade relations has not only stabilized the currency but also elevated Nigeria’s economic standing globally.”
While acknowledging the progress achieved, Ngelale emphasized that there is still much work to be done.
He stressed the need for sustained efforts to reduce inflation and ensure consumer protection through regulatory enforcement.
Additionally, Ngelale highlighted the expected improvement in the nation’s cash position as private and publicly-owned refineries resume operations, leading to a stronger Naira and fair pricing of commodities in the market.
He expressed confidence that President Tinubu’s leadership and economic policies would continue to yield positive outcomes, ultimately benefiting the Nigerian people by the end of his first term in office.
Recall that the Independent Media and Policy Initiative recently expressed optimism that the new policies introduced by the Central Bank of Nigeria (CBN) will contribute to stabilizing the naira in the foreign exchange market.
Niyi Akinsiju, Chairman of the non-governmental organization, issued a statement in Abuja commending the CBN’s efforts to address issues related to forex market volatility and enhance transparency in the banking sector.
Akinsiju stated that the recent policies reflect the new CBN management’s commitment to curb banking system excesses, particularly concerning the foreign exchange market.