President Bola Tinubu has defended the performance of the naira under his administration.\n<\/p>\n
Tinubu argued that the currency would have lost virtually all its value without his government\u2019s foreign exchange reforms.\n<\/p>\n
The president made the remarks on Friday at the All Progressives Congress presidential campaign rally in Akwa Ibom State.\n<\/p>\n
He dismissed criticism over the naira\u2019s depreciation against the US dollar.<\/p>\n
He described the naira, currently trading at about N1,300 to a dollar, as still valuable, arguing that the situation could have been worse without the decision to unify the country\u2019s multiple exchange rates.<\/p>\n
\u201cIf we didn\u2019t take a decision on the day I took over, we would be using wheelbarrow to move our naira because it would have been valueless.\n<\/p>\n
\u201cYou\u2019re talking of N1,300 to a dollar. Huh, huh, it still has pocketable value. If we had left it, it would have been a wheelbarrow when you go to the tomato market,\u201d the President said.<\/p>\n
Tinubu announced the unification of Nigeria\u2019s multiple foreign exchange rates in June 2023, shortly after assuming office.\n<\/p>\n
The policy was part of his administration\u2019s efforts to reform the foreign exchange market and narrow the gap between the official and parallel market rates.\n<\/p>\n
The naira subsequently depreciated sharply, moving from about N750 to the dollar to around N1,900 before recovering to approximately N1,300, according to Tinubu.\n <\/p>\n
Source: <\/p>\n
President Bola Tinubu has defended the performance of the naira under his administration. Tinubu argued that the currency would have lost virtually all its value without his government\u2019s foreign exchange… <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-11556","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/11556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=11556"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/11556\/revisions"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=11556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=11556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=11556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}