President Bola Tinubu’s economic blueprint is beginning to pay off, according to his Special Adviser on Information and Strategy, Mr. Bayo Onanuga. The adviser lauded the strengthening of the naira, which is increasingly being recognized in international trade.
Reports surfaced that some Chinese traders now accept naira payments instead of dollars from Nigerian buyers, a significant milestone in bilateral trade practices. Market analysts attribute this shift to the Nigeria-China currency swap deal and the growing adoption of peer-to-peer exchange systems.
Peer-to-peer platforms allow individuals to transact foreign exchange directly, thereby reducing bottlenecks associated with banking intermediaries. This development has been identified as a key contributor to easing pressure on Nigeria’s local currency.
According to figures released by the Central Bank of Nigeria, the naira appreciated by 0.36 percent, climbing to N1,526.09 per dollar compared with N1,531.57 at the previous session. This marks its most stable position in six weeks.
In his remarks, Onanuga said: “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.”
He further stated, “I also buy some items on Chinese platforms. I can confirm that they accept naira cards. 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.”
The presidential aide argued that the improved performance of the naira is a clear reflection of the positive impact of Tinubu’s policies on Nigeria’s economic landscape.