Naira Appreciate: Nigerians’ Sacrifices Finally Get Result

Speaking for the Federal Capital Territory, Abuja, the presidency speaks about the appreciation of the Naira, a result of Nigerians’ sacrifices. 

While reacting to the sustained appreciation of the Naira in the foreign market, Aguri Ngelale, Special Adviser to President Bola Ahmed Tinubu, disclosed this in his recent statement.

According to the presidency, he claimed that the multifaceted means introduced by Bola Tinubu’s administration to defend the naira against currency racketeers would be sustained.

He added that the government will work harder to ensure inflation is reduced.

He also said that the government is working harder to ensure there’s no inflation in the country and that what the country is currently facing will be 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 has 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-protection 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 said.

The development comes as the Naira appreciated to N1,239.86 per US dollar on Monday from N1,251.05 last week, according to FMDQ data.

According to FMDQ, the new development resulted from the Naira’s current appreciation from N1,251.05 to N1,239.86 per US dollar since Monday, April 8th, 2024, which beat the exchange price as of last week.

Remember that the Central Bank of Nigeria has also distributed another $10,000 to all BDCs at N1,101 per Dollar.