Tinubu’s reforms strengthening Naira, says Onanuga.

The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has said the economic reforms introduced by his principal are restoring confidence in the naira both locally and internationally.

Onanuga was reacting to a report that some Chinese traders have begun accepting naira in place of the United States dollar for transactions with Nigerian customers.

The report stated that forex traders have attributed the recent exchange rate stability to the success of Nigeria’s currency swap agreement with Chinese traders now collecting naira for its currency, the yuan, instead of dollars.

They also identified peer-to-peer foreign currency trade as one of the factors that is contributing to the stability of the naira.

Peer-to-peer foreign currency exchanges provide users or individuals with an online platform where they can exchange currencies with one another, cutting off intermediaries like banks, foreign exchange services, and other institutions.

Reported Online that the naira strengthened by 0.36 per cent or (N5.48) on Monday to N1,526.09 per dollar from N1,531.57 per dollar at the previous trading session, indicating a strong start to the new week and month.

This is the strongest rate that the naira has traded in about six weeks on the Nigerian Foreign Exchange Market, according to data from the Central Bank of Nigeria website.

Onanuga, in a post via his X post on Tuesday, stated that the development shows that the currency is gaining recognition beyond Nigeria, citing his own experience on Chinese e-commerce platforms.

Source: Punchng