Market News

The Lagos State Chapter of the All Progressives Congress has said that China’s decision to accept the Nigerian Naira for international transactions will bring immediate relief to businesses and reduce the country’s reliance on the US dollar.

In a statement issued on Monday, the party’s spokesman, Seye Oladejo, described the move as a breakthrough that would lower the cost of doing business, strengthen the Naira, and boost economic stability.

“China remains one of Nigeria’s largest trading partners. The ability to settle transactions directly in Naira means lower costs, faster payments, and improved ease of doing business,” Oladejo said.

According to him, the policy will make it easier and cheaper to import essential goods, machinery, and technology from China, while also opening greater access for Nigerian exports into the Asian market.

He added that local producers stand to benefit significantly as they can scale up production, knowing that their goods will now have easier entry into one of the world’s largest consumer markets.

The APC also argued that China’s acceptance of the Naira would boost global investor confidence, attract new foreign direct investment, and position Nigeria within a growing multipolar financial system where emerging economies are pushing their currencies in trade.

“It will also make imports of essential goods, machinery, and technology cheaper while opening wider access for Nigerian exports into Chinese markets,” Oladejo stressed.

Taking a swipe at the opposition, Oladejo said the development “shatters their doomsday narrative,” adding that under President Bola Tinubu, Nigeria is firmly on the path to economic recovery and growth.

The party congratulated President Tinubu, the Central Bank of Nigeria, and the Ministry of Finance for what it called a “visionary achievement,” while urging manufacturers, traders, exporters, and financial institutions to maximise the benefits of the deal.