President Bola Tinubu on Friday urged Nigerians to patronise made-in-Nigeria products and services to sustain the recent gains of the naira in the foreign exchange market.
He said the recent appreciation of the value of the naira against the dollar does not spell Uhuru yet.
Therefore, he called for more collaboration from citizens, whom he urged to blow the whistle on persons seen engaging in practices that undermine the local currency.
Special Adviser to the President on Media and Publicity, Ajuri Ngelale, disclosed these to journalists when he delivered Tinubu’s message at a State House briefing on Friday.
Upon assuming office 10 months ago, the Tinubu administration discontinued subsidies on petrol, which, he said, would save the government monies for infrastructural expansion.
He also unified the foreign exchange rates to curb currency arbitrage. However, these moves sparked collateral instability in the value of the Naira and heaped hardship on Nigerians as food prices soared.
In February 2024, N1,900 was exchanged for one USD in the black market. The Naira has recently seen a steady climb against the US dollar, exchanging N1,382/$ at the official market on Thursday.
Add Comment