“Presidency Backs CBN’s Crackdown on Currency Racketeers for Stronger Naira, Lower Prices”

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The Presidency has commended the Central Bank of Nigeria (CBN), under the leadership of Yemi Cardoso, for its concerted efforts to stabilize the naira. These efforts are seen as aligning with President Bola Tinubu’s strategy to rid the nation’s foreign exchange market of corrupt practices and ensure fair value.

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Special Adviser to the President on Media and Publicity, Ajuri Ngelale, expressed these sentiments, highlighting recent measures implemented by the CBN to halt the decline of the naira and restore its value. Ngelale assured Nigerians of a stronger naira, which will result in significant price reductions for essential goods by the first quarter of 2025.

The CBN’s initiatives, including unifying exchange rate windows, liberalizing the FX market, and implementing various reforms, have contributed to the recent strengthening of the naira against the dollar. These measures have also curbed the activities of speculators and racketeers in the FX market and banking sector.

The Presidency pledged to sustain these efforts, emphasizing the government’s commitment to combatting inflation and ensuring a favorable economic environment for all Nigerians. Ngelale reiterated Tinubu’s determination to reward the sacrifices made by Nigerians and to foster sustainable economic growth.

However, despite the initial progress, the Presidency acknowledged that there is still work to be done to translate these benefits into tangible improvements in the cost of living for Nigerians. Consumer protection agencies were urged to ensure that local prices reflect the strengthening value of the naira.

Looking ahead, the Presidency expressed confidence that the expected resumption of operations by both private and government-owned crude oil refineries would further boost the economy and enhance revenue generation for the country. Tinubu’s administration has implemented various reforms, including discontinuing petrol subsidies and unifying foreign exchange rates, to address economic challenges and promote growth.

Meanwhile, the naira has appreciated to N1,200 per dollar at the parallel foreign exchange market, following the CBN’s decision to review the exchange rate for Bureau De Change operators. This move aims to increase the supply of foreign exchange in the economy and further stabilize the naira.

In response, stakeholders such as the Lagos Chamber of Commerce and Industry and the Small and Medium Enterprises Development Agency of Nigeria have endorsed the CBN’s decision to stop using foreign currencies as collateral for naira loans. This measure is expected to reduce volatility in the economy and facilitate easier access to finance for businesses, especially Micro, Small, and Medium Enterprises (MSMEs).

Overall, the Presidency remains optimistic about the future trajectory of the economy and assures Nigerians of better days ahead as the government continues to implement reforms and policies aimed at fostering sustainable development and improving living standards.


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OyinyeChukwu Paula
OyinyeChukwu Paulahttp://Vetiva%20Research
OyinyeChukwu Paula Position: Business Journalist, Naija247news OyinyeChukwu Paula is an accomplished business journalist contributing her expertise to Naija247news, one of Nigeria's leading news platforms. With a keen interest in economic affairs, financial markets, and corporate developments, Paula brings a wealth of knowledge to her reporting, delivering insightful analyses on the dynamic business landscape in Nigeria and beyond. Education: Paula holds a degree in Journalism from [Abia State University], where she honed her skills in investigative reporting and business journalism. Her academic background laid the foundation for her commitment to delivering accurate and timely news with a business-focused perspective. Professional Experience: Having amassed experience in the field, Paula's journalistic journey has been marked by a dedication to uncovering stories that impact the business community. Her work spans interviews with key industry figures, coverage of market trends, and in-depth analyses of economic policies. Areas of Expertise: Financial Markets: Paula provides comprehensive coverage of financial markets, offering insights into stock movements, currency fluctuations, and economic indicators. Corporate Affairs: With a focus on corporate activities, Paula delves into mergers and acquisitions, financial reports, and the strategies employed by leading companies. Economic Policy: Keeping a watchful eye on government policies, Paula explores their implications on businesses and the broader economy, providing readers with a nuanced understanding of economic developments. Contributions to Naija247news: Paula's bylines at Naija247news reflect her commitment to delivering quality journalism. Whether unraveling complex financial narratives or simplifying intricate economic concepts, she ensures that her audience is well-informed and empowered. Passion for Business Journalism: Beyond the newsroom, Paula is known for her passion for business journalism's role in fostering transparency and accountability. She believes in the power of information to drive positive change and economic growth. In a media landscape marked by rapid changes, OyinyeChukwu Paula stands out as a dedicated business journalist who continues to shape the discourse on economic matters, contributing significantly to Naija247news's mission of delivering credible and impactful news.

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