Rita Odafe
Naira’s Strength Against the Dollar: A Call to Attention
Bayo Onanuga, the spokesperson for the Presidency, has asserted that the naira is making gains against the dollar.
In a recent social media update, he encouraged Peter Obi, the Labour Party’s presidential candidate from the last elections, to acknowledge the currency’s recent progress.
Onanuga stated that the naira is maintaining its position against the dollar and other foreign currencies.
This announcement coincides with a Bloomberg report highlighting that the naira is currently experiencing an unusual period of stability, which analysts believe may continue.
The report indicated that Nigeria’s struggling currency has depreciated by 70% against the dollar since the easing of foreign-exchange regulations in 2023, experiencing a significant decline over the past year.
Despite this, Onanuga characterized the situation as encouraging, saying it would be great for Obi to share this positive update. He remarked, “The naira is holding its ground against the greenback and other currencies. This is good news, not bad news. I invite Mr. Peter Obi to retweet the exhilarating story.”
