According to Bayo Onanuga, President Bola Tinubu's Special Advisor on Information and Strategy, the economic changes his principal implemented are boosting the naira's reputation both domestically and abroad. Onanuga was responding to a story stating that certain Chinese merchants have started to take naira instead of US dollars while doing business with Nigerian clients. The success of Nigeria's currency swap arrangement with Chinese merchants, who are now collecting naira for its currency, the yuan, instead of dollars, has been credited by forex traders with the recent stability of the exchange rate, according to the article.
They also found that one of the elements influencing the naira's stability is peer-to-peer foreign exchange trading. Peer-to-peer international exchanges eliminate the need for middlemen like banks and foreign exchange services by giving users or individuals an internet platform to swap currencies with one another. The dealers said these reasons are helping to ease pressure on the naira, according to the article.
A solid start to the new week and month is also indicated by reports that the naira rose by 0.36 percent, or N5.48, on Monday, rising from N1,531.57 per dollar at the previous trading session to N1,526.09.
According to statistics from the Central Bank of Nigeria website, this is the greatest rate at which the naira has traded on the Nigerian Foreign Exchange Market in around six weeks. Citing his personal experience on Chinese e-commerce platforms, Onanuga said in a post on Tuesday via his X post that the trend indicates the currency is becoming more well-known outside of Nigeria.
"The Nigerian economy is benefiting from this growth. Foreigners are beginning to trust the naira as a result of Tinubu's reforms. Here, the Almighty US dollar is not the supreme ruler. He said that the value of the naira as a global currency was increasing.
"I also purchase some items on Chinese platforms," he continued. They do take Naira cards, I can attest to it. Peter Obi, El-Rufai, and seasoned runner Atiku Abubakar would never rejoice over this outcome. They are holding off on criticizing President Tinubu politically until catastrophes strike.
According to Onanuga, the progress being made demonstrates that the government's economic measures are having an impact.