President Tinubu‘s Spokesman on Media and Publicity, Ajuri Ngelale addressed the resurgence of the naira, attributing it to the President’s strategic moves to stabilize the foreign exchange market.
Speaking as a guest on Politics on Sunday with TVC News, Ngelale highlighted President Tinubu’s consistent efforts to stabilize the foreign exchange market.
The presidential spokesman emphasized that the president promised rewards for the populace’s sacrifices over the past 10 months.
Ngelale commended the president’s approach employed to eliminate malpractices in the foreign exchange market.
He said: “The President’s multi-faceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices have provided a platform for the sustainable strengthening of our national currency against all global currencies and this is what we are seeing.”
While acknowledging the progress, Ngelale emphasized the need for continued vigilance.
Furthermore, he highlighted the importance of sustained efforts and urged regulatory agencies to uphold consumer protection measures diligently.
However, he stressed that the current situation warrants intensified efforts to fight inflation and ensure fair pricing of goods and services.
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Additionally, Ngelale pointed to the imminent resumption of operations in both private and publicly-owned refineries.
He said: “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.”
Moreover, Ngelale expressed optimism about the availability of trillions of naira for consumer credit, which is expected to boost the real sector.
Similarly, Ngelale expressed confidence in the President’s leadership, foreseeing positive outcomes by the end of his term.
