Babatu nji Wusu –
The Presidency has backed the Central Bank of Nigeria (CBN), led by Yemi Cardoso, in its attempts to stabilize the naira versus the dollar.
It stated the recent sequence of actions implemented by the central bank to arrest the naira’s depreciation and restore the local currency to its fair value are consistent with President Tinubu’s renewed hope agenda.
Ajuri Ngelale, Special Adviser to the President on Media and Publicity, confirmed this in an interview with The Punch on Monday night.
The CBN issued multiple circulars and orders, causing the local currency to bounce from 1,900/dollar in late February to around 1,200/dollar on Tuesday in the parallel market.
Speaking further, Ngelale stated that the CBN’s concerted efforts are consistent with Tinubu’s multidimensional approach to purging the country’s foreign currency market of bad actors and sharp tactics.
He claimed that Tinubu’s presidency will continue its anti-racketeering drive, urging Nigerians to expect a stronger naira, which will considerably cut the price of vital commodities by the first quarter of 2025.
The presidential adviser also stated that regulatory authorities will pursue racketeers and malicious actors focused on undermining the government’s efforts, and that the President had vowed to combat inflation and bring it to a significant pace.
He said, “The President’s multifaceted 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, and 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 protecting 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.
“As our private and publicly-owned refineries resume operations between now and the first quarter of 2025, the nation’s cash position will dramatically improve to the extent that Nigerians can rightly expect a stronger Naira and a fair reflection of its strength in the prices of commodities in the market place.”
Ngelale said despite these efforts and the early gains realised, it is not yet Uhuru until these benefits are reflected in the lowering of prices of essential goods and services for the average Nigerian.
The Presidential aide said his principal has directed consumer protection agencies to ensure that the local prices reflect the rising value of the naira.
He also assured Nigerians of the better days ahead saying the benefits of the reforms will be “more evident” as the administration progresses.
