CBN’s Reforms To Stabilise The Naira Yielding Desired Results – Presidency

The Presidency has backed the efforts of the Yemi Cardoso-led Central Bank of Nigeria (CBN) to stabilise the Naira against the Dollar.

It said the recent series of measures rolled out by the apex bank to halt the naira’s free fall and return the local currency to its fair value is in line with President Tinubu’s renewed hope agenda.

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, made this known in an interview with The Punch on Monday night.

Naija News reports that the CBN had rolled out several circulars and directives, leading to the rebound of the local currency from 1,900/dollar recorded in late February to nearly 1,200/dollar on Tuesday at the parallel market.

Speaking further, Ngelale added that the CBN’s concerted efforts align with Tinubu’s multifaceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices.

He stated that Tinubu’s presidency will continue its campaign against racketeers, urging Nigerians to expect a stronger naira that would significantly lower the prices of essential commodities by the first quarter of 2025.

The presidential aide added that regulatory agencies would pursue racketeers and malign actors bent on frustrating the government’s efforts, adding that the President also pledged to tackle inflation and bring it to a considerable rate.

He said, “The President’s multifaceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices has provided a platform for the sustainable strengthening of our national currency against all global currencies, and this is what we are seeing.

“But there is still much work to be done and this is not a time for celebration. It is a time for doubling down and working harder to ensure that inflation is sustainably brought down in short order and that consumer protecting regulatory agencies step up enforcement to ensure that our people are not short-changed by enterprises that fail to reflect the prevailing exchange rates on the pricing of goods and services across the board.

“As our private and publicly-owned refineries resume operations between now and the first quarter of 2025, the nation’s cash position will dramatically improve to the extent that Nigerians can rightly expect a stronger Naira and a fair reflection of its strength in the prices of commodities in the market place.”

Ngelale said despite these efforts and the early gains realised, it is not yet Uhuru until these benefits are reflected in the lowering of prices of essential goods and services for the average Nigerian.

The Presidential aide said his principal has directed consumer protection agencies to ensure that the local prices reflect the rising value of the naira.

He also assured Nigerians of the better days ahead saying the benefits of the reforms will be “more evident” as the administration progresses.