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President Bola Ahmed Tinubu on Friday in Abuja reassured Nigerians that no stone will be left unturned in his administration’s multifarious efforts to stimulate the economy and make it work for the greatest good of all Nigerians.
The President stated this in a meeting held at the State House with the Board of Trustees of the All Progressives’ Congress (APC) Professionals Forum led by former Bauchi State Governor, Mallam Isa Yuguda, according to a statement from the State House issued by the president’s special adviser on Media and Publicity, Ajuri Ngelale.
This is as the country’s currency, the Naira continues to dwindle, edging towards N1,000 per US Dollar.
July 2023 commenced with the Naira valued at N741.50 against the US Dollar, reflecting the longstanding economic challenges Nigeria has faced. However, as the month unfolded, the Naira’s value encountered a significant setback, recording a decline of 2.08% to reach N756.94/$1 on the Investors and Exporters (I&E) window by month-end.
A report released by Comercio Partners yesterday indicated that the Naira’s downward spiral was exacerbated by an unprecedented intra-day peak of N869/$1, marking the worst recorded value in history of the country.
However, Tinubu said the country’s economy must recover, citing “some baby steps” his administration has taken to improve the fortunes of the economy.
“This economy must recover for the good and greatest number of Nigerians, and we are seriously committed to seeing through a change for the better,” he said.
To steadily ensure measured growth and enhanced public enlightenment on policy outcomes, President Tinubu said every effort across sectors will be documented and periodically reviewed for performance verification and public presentation.
“So far, we have taken some baby steps and pushed some aggressive positions,” the President told the APC professionals, who had earlier pledged their support for the reforms.
Tinubu floated the naira in June, 2023 opening the exchange rate to a free market, but the gains were for only a few days before the Naira plummeted.
Meanwhile, Nigeria Macroeconomic and Market Report for July 2023, released by Comercio Partners, an economic advisor, indicated a negative outlook for the country.
According to the report, a multiplicity of factors has fuelled the relentless demand for US Dollars in Nigeria. The pursuit of necessities such as education, healthcare, and imports has propelled many Nigerians to seek foreign currency.
“In parallel, the aspirations of the Nigerian youth for better prospects abroad have heightened the clamour for foreign exchange. This unabated demand, along with the potential for speculative activity against the Naira, continues to exert pressure, exacerbating its depreciation,” the report noted.
Regrettably, the Central Bank of Nigeria’s (CBN) I&E window falls short in meeting the insatiable demand for the US Dollar due to approximately 44 restricted items that are barred from accessing
Forex through official channels.
Moreover, the scarcity of dollars due to bank-imposed rationing has intensified the clamour for the black-market dollar. Consequently, a considerable number of individuals have been compelled to resort to the black market to procure the coveted currency.
