President Bola Tinubu has pledged to maintain the momentum in strengthening the Naira against major currencies, assuring Nigerians of its sustainability.
This assurance was conveyed by Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, during a press briefing on Friday, March 22, 2024.
Ngelale highlighted the president’s concerted efforts, in collaboration with government agencies and the Central Bank of Nigeria (CBN), to tackle malpractices within cryptocurrency trading platforms and the parallel foreign exchange market. He emphasized that these efforts yield positive results, contributing to the current progress in currency stability.
President Tinubu’s Push for Made-In-Nigeria Products
Ngelale reiterated President Tinubu’s call for Nigerians to support locally-made products to strengthen the Naira. The President has approved various interventions to enhance the Naira’s value against global currencies.
Encouraging Patronage of Local Goods
Ngelale stressed the importance of intentional patronage of made-in-Nigeria products across all sectors, emphasizing the need for a strong currency and increased spending power. He urged citizens to prioritize local products to boost the value of the Naira, both domestically and internationally.
Efforts to Combat Sharp Practices
Acknowledging the negative impact of sharp practices on the economy, Ngelale called for collective action to identify and report such activities. He emphasized the need for collaboration between the government and citizens to address these challenges effectively.
Sustaining Naira Strength for Economic Stability
Ngelale underscored President Tinubu’s commitment to sustaining the strength of the Naira to ensure the effectiveness of policies like the new minimum wage. He emphasized the importance of currency stability in securing the welfare of Nigerian families and promoting long-term economic sustainability.
Looking Ahead
President Tinubu’s administration remains focused on achieving currency stability and ensuring that policies like the new minimum wage are sustainable over the long term. The ongoing interventions under his leadership aim to stabilize the Nigerian Naira and secure the nation’s economic future.
