Tinubu’s Reforms Strengthening Naira – Presidency

The Presidency has declared that the economic reforms introduced by President Bola Tinubu are beginning to restore confidence in the naira both at home and abroad.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, made the assertion while reacting to reports that some Chinese traders have started accepting the naira directly in place of the United States dollar for transactions with Nigerian customers.

According to the report, the trend is linked to the success of Nigeria’s currency swap agreement, which allows Chinese traders to collect naira for its currency, the yuan, instead of insisting on dollar payments.

Foreign exchange dealers also attributed the recent stability in the exchange rate to this arrangement, alongside the growing adoption of peer-to-peer foreign currency trading.

Such platforms enable individuals to exchange currencies directly online without relying on banks or other financial intermediaries, thereby reducing pressure on the naira.