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Presidency applauds CBN efforts to stabilize naira, promises relief to Nigerians

Government Vows to Combat Corruption and Racketeering Amidst Economic Reforms Led by Tinubu Administration

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In a bid to address the volatility of Nigeria’s currency and combat economic malpractice, the Yemi Cardoso-led Central Bank of Nigeria has embarked on a series of measures to stabilize the naira, aligning with President Bola Tinubu’s commitment to eradicating financial irregularities. As the currency shows signs of recovery, the Presidency pledges relief for Nigerians, promising a decline in essential commodity prices by the first quarter of 2025.

Amidst mounting concerns over the declining value of the naira, Ajuri Ngelale, Special Adviser to the President on Media and Publicity, lauded the recent efforts of the Central Bank to bolster the currency’s strength. Ngelale emphasized that these initiatives complement President Tinubu’s comprehensive strategy to cleanse the foreign exchange market of corrupt practices and restore confidence in Nigeria’s economy.

Ngelale’s remarks come in the wake of a significant rebound in the naira’s value, with recent market data showing a notable improvement from 1,900 naira to the dollar in late February to nearly 1,200 naira on Tuesday. This resurgence follows a series of policy interventions by the Central Bank, including the unification of exchange rate windows, the liberalization of the FX market, and the implementation of stringent oversight measures.

The government’s renewed commitment to combating corruption and malpractice extends beyond currency stabilization efforts. Ngelale reiterated the administration’s determination to crack down on racketeers and malign actors seeking to undermine economic reforms. He emphasized that regulatory agencies would intensify efforts to hold accountable those responsible for obstructing the government’s agenda.

In addition to addressing currency volatility, President Tinubu has pledged to tackle inflation and reduce the cost of living for Nigerians. Ngelale affirmed the President’s dedication to ensuring that the sacrifices made by the Nigerian people yield tangible benefits, with a focus on fostering sustainable economic growth and prosperity.

Despite early successes in stabilizing the currency, Ngelale cautioned against premature celebration, emphasizing the need for sustained efforts to combat inflation and ensure that the benefits of economic reforms reach all segments of society. He urged consumer protection agencies to enforce regulations to prevent price gouging and ensure that the gains from currency stabilization translate into tangible relief for Nigerians.

Looking ahead, the Presidency expressed optimism about the potential impact of ongoing economic reforms, particularly with the expected resumption of operations by private and government-owned crude oil refineries. As Nigeria’s cash position improves and consumer spending power increases, the government anticipates further strengthening of the naira and a corresponding decline in commodity prices.

Ngelale concluded by highlighting the transformative potential of the administration’s economic agenda, asserting that Nigerians would ultimately reap the rewards of prudent financial management and strategic reforms. As the country progresses towards realizing its economic potential, the Presidency remains steadfast in its commitment to delivering prosperity and opportunity for all Nigerians.

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