Naira Surges Against Dollar, Tinubu Urges Patronage of Made-in-Nigeria Goods

In a remarkable development, the Nigerian Naira has shown a significant uptick against the United States Dollar, closing at N1,382/$ on the official NAFEM window, marking a positive shift from its position at the beginning of the week at N1,598/$1.
Similarly, the parallel market witnessed a notable improvement, with the Naira closing at N1,470/$1 yesterday, up from N1,600/$1 recorded on Monday.
Celebrating the Naira's appreciation, President Bola Tinubu urged Nigerians to support indigenous products and services, emphasizing that sustained patronage of locally made goods will bolster the positive momentum of the Naira in the foreign exchange market.
Despite the encouraging progress in the Naira's value, Tinubu cautioned against complacency, emphasizing the need for continued efforts to sustain these gains. He urged patriotic citizens to report any instances of currency manipulation or fraud, underscoring the importance of collective vigilance in maintaining a strong and stable currency.
Presidential spokesperson Ajuri Ngelale reiterated the President's commitment to strengthening the Naira, highlighting various interventions aimed at achieving economic stability. These interventions include measures to curb sharp practices in the foreign exchange market and foster a culture of patronage for made-in-Nigeria products.
Ngelale also announced a temporary ban on unnecessary foreign trips funded by public money, effective from April 1, 2024, expected to save over N5 billion quarterly. This cost-cutting measure aims to redirect resources towards priority sectors and initiatives that will benefit Nigerian families and businesses.
To complement these efforts, the President has initiated several programs to support micro, small, and medium-scale enterprises (MSMEs), including conditional grant schemes and low-interest rate loans. Additionally, significant funding has been allocated to large-scale manufacturers to safeguard employment and stimulate economic growth.
Financial analysts attribute the Naira's recent gains to renewed confidence in the economy, driven by strategic interventions by the Central Bank of Nigeria (CBN) and favorable oil prices. They emphasize the importance of monitoring the sustainability of this trend, particularly with regards to foreign portfolio investments (FPIs) inflows.
Overall, the positive trajectory of the Naira reflects the collective commitment of the government and the people towards building a resilient and prosperous economy, underpinned by prudent financial management and strategic interventions.