Tinubu’s unified exchange rate yielding positive results – APC chieftain, Oyintiloye

A chieftain of the All Progressives Congress, APC, in Osun State, Oyintiloye Olatunbosun, has said the strategic policy of President Bola Tinubu on the unification of exchange rates has started yielding positive results.

He said this while speaking with journalists on Sunday in Osogbo.

DAILY POST recalled that the Monetary Policy Committee of the Central Bank of Nigeria, as part of measures to control inflation and stabilise the naira, last month raised its benchmark interest rate, known as the Monetary Policy Rate, MPR, by 200 basis points to 24.75 percent from 22.75 percent in February 2024.

The former lawmaker, who noted that although the policy initially led to unsavory experiences for Nigerians, said that the experience of the past few weeks was an indication that the initiative was beginning to have a positive impact on the nation’s economy.

The APC chieftain said the rate at which the Naira had been appreciating against the dollar at both parallel and official markets was commendable and a huge relief to Nigerians.

He added that the current growth in the country’s economy would make it attractive to foreign portfolio investment, stabilise price, and check inflation trends.

Oyintiloye also commended the CBN for the successful clearance of $7 billion Forex backlog, noting that this will continue to stabilise the exchange rate.

He maintained that the liberation of the foreign exchange market and the continuous appreciation of naira would unlock the huge potential for investment and restore investors’ confidence in Nigeria’s economy.

He appealed to Nigerians to continue to exercise patience with the president, assuring that things will continue to get better.

“The strategic policy of President Bola Tinubu, on the unification of exchange rate has started yielding positive results.

“With the steady appreciation of naira in the last few weeks, we can begin to say the worst is over.

“In the next few months, we will continue to reap the benefits of the tough economic decisions that was made by the president.

“This will clearly prove to us that the president meant well for all Nigerians in all his economic policies.

“The way the naira is fast appreciating against the dollar and other currencies is amazing and I know we will soon be benefiting from it.

“The Renewed Agenda of the president will be fulfilled and Nigerians will surely laugh last”, he said.

Oyintiloye also called on Nigerians to reduce their appetite for foreign goods to fast-track the growth of the nation’s economy.

He said Nigeria as a nation must also cut its dependence on foreign goods, increase local production, and enhance entrepreneurship.

The APC chieftain noted that these would help to strengthen the Naira which was under too much pressure.

“By importing, we are simply developing the economies of the countries we buy from through job creation, value chain maintenance, capacity for product development, and other spin-off effects of production.

“We have to feed our population and depend less on importation to fast-track development of our country,” Oyintiloye said.