“Tinubu Aims for Stronger Naira by Q1 2025 with Market Interventions & Refinery Ops”

Date:

President Bola Tinubu’s administration expects a stronger Naira by the first quarter of 2025, following successful interventions in the foreign exchange market and the resumption of full refinery operations. Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, shared this outlook during a briefing with State House Correspondents in Abuja.

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Ngelale emphasized that the administration’s revitalization efforts in the foreign exchange market are focused on bolstering the Naira’s position in currency markets. However, he cautioned that recent progress alone is insufficient, stressing the need for sustained policies and initiatives to fortify the Naira.

Highlighting the impact of refinery operations, both public and private, reaching full capacity within the stated timeframe, Ngelale predicted a stronger Naira that would positively affect market commodity prices.

President Tinubu’s strategy, according to Ngelale, aims to reward the Nigerian people for their sacrifices and resilience over the past months. The administration’s comprehensive approach in cleansing the foreign exchange market of unethical practices has laid the groundwork for a sustainable strengthening of the Naira against global currencies.

Ngelale acknowledged that while progress is evident, there is no room for complacency. He stressed the importance of continuous efforts to combat inflation and ensure fair pricing of goods and services based on prevailing exchange rates.

Anticipating a significant cash inflow as refineries ramp up operations, Ngelale expressed optimism about the Naira’s prospects. He underscored the potential impact of increased consumer spending power and the availability of credit on bolstering Nigeria’s real sector, echoing confidence in President Tinubu’s economic leadership and its expected benefits by the end of his first term in office.


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Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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