Market News

Amid the continued appreciation of the Naira in the foreign exchange market, President Bola Ahmed Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, has said Binance speculators wishing the Naira dropped to N2,500 have been proven wrong by the Central Bank of Nigeria under Governor Olayemi Cardoso.

Onanuga disclosed this on Tuesday through his official X handle while reacting to the sustained appreciation of the Naira at both the official and the parallel foreign exchange markets.

According to him, the Naira appreciation against USD is good news for Nigeria and should be appreciated by patriots.

He condemned the doomsday prediction of Nigeria’s currency as clearly off the mark.

“…This is good news for our country and should be appreciated by patriots. The doomsday prediction for our national currency is clearly off the mark, like the comparisons of our economy with Argentina and Zimbabwe’s.

“Those currency speculators on Binance, wishing that the Naira would fall to N2,500, have also been proven wrong by Cardoso’s CBN. The economic measures are working. The Naira will continue to wax stronger and stronger, and our people will soon start enjoying great relief as prices for goods fall”, he wrote.

DAILY POST recalls that the Naira has maintained its appreciation drive against the USD for weeks.

On Tuesday, N1,290 and N1,382.95 per USD were exchanged at both parallel and official foreign exchange markets, respectively.

The development comes as CBN sold $10,000 to each BDC at N1,251 per US dollar on Monday.