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Tinubu begs Nigerians, asks them to buy made-in-Nigeria goods to strengthen Naira
President Bola Ahmed Tinubu has urged Nigerians to patronise goods made in Nigeria to strengthen the local currency and boost the Nigerian economy.
The president made this known in a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, in Abuja on Friday.
Ngelale noted that the president also assured Nigerians that his administration is committed to sustaining the efforts to strengthen the naira against the dollar across the forex markets.
There is an intentionality that we must have on this issue that we want a strong currency, we want the spending power of our people to go up. We want every Naira and kobo we earn to be more valuable, not just here. But when we travel abroad, the way to achieve that is by doing just this,” he said.
Tinubu also assured Nigerians that the appreciation of the Naira against the United States dollar in recent weeks would continue amid efforts to strengthen the local currency.
So the momentum of the Nigerian Naira and its strengthening. Nigerians should expect that to continue. Yes, we understand that there’s still going to be volatility to some extent, but we are seeing a lessening impact of that volatility and as we move forward with the interventions Mr President is making in the foreign exchange market and will continue to make, we will see increasing stability,” the president’s aide said.
In recent weeks, Nigeria’s naira has experienced a decline in value in both the official and unofficial markets, driven by increased forex demand and rising prices of goods and services nationwide.
During the first quarter of the year, the local currency averaged above N1500 against the dollar in the spot market, often closing on a negative note.
Speculations and concerns about supply constraints in the forex markets further fueled the depreciation of the naira in the parallel market, reaching a record low of N1,700 and above due to heightened demand and market uncertainties.
To address this trend, the Nigerian government implemented significant measures and reforms aimed at stabilizing the foreign exchange market and curbing speculative activities.
These efforts led to a notable strengthening of the naira across both authorized and unauthorized forex markets in recent weeks. Official market data from FMDQ showed the naira closing positively at N1,431.49 to a dollar, compared to the previous day’s rate of N1,492.61/$1.
