The presidency has expressed optimism that a stronger Naira can be achieved by the first quarter of 2025, citing recent interventions in the foreign exchange market and the full resumption of operations by the country's refineries.
Ajuri Ngelale, Special Adviser to the President on Media and Publicity, addressing state house correspondents, stated that the revitalization of policies in the foreign exchange market aims to bolster the Naira in currency markets.
He said, "The President has been very consistent in his view that the labour pains felt by our people and the incredible sacrifices made by our people over the past 10 months would be rewarded across the board."
Ngelale emphasized the President's multi-faceted approach to eliminating malpractices in the foreign exchange market, which has provided a foundation for the sustainable strengthening of the national currency against global currencies.
He added, "But there is still much work to be done and this is not a time for celebration. It is a time for doubling down and working harder to ensure that inflation is sustainably brought down in short order and that consumer protecting regulatory agencies step up enforcement to ensure that our people are not short-changed by enterprises that fail to reflect the prevailing exchange rates on the pricing of goods and services across the board."
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