Tinubu’s Reforms Strengthening Naira – Onanuga
The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has said that the President’s economic reforms are restoring confidence in the naira both locally and internationally.
Onanuga reacted to reports that some Chinese traders have begun accepting naira directly from Nigerian customers instead of the US dollar. Forex traders linked this development to the success of Nigeria’s currency swap agreement with China and the rise of peer-to-peer foreign exchange trading, which has eased pressure on the naira.
According to Central Bank of Nigeria data, the naira appreciated by 0.36% on Monday, trading at ₦1,526.09/$1 — its strongest level in six weeks.
Onanuga, writing on X, described the trend as proof that the naira is gaining recognition abroad. He 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
