His post celebrating naira selling at N1558 comes at a time where the exchange rate has been blamed in part for sprawling inflation ravaging the country.
As Nigeria continues to battle with problems from the devaluation of naira, the Bola Tinubu-led Presidency has celebrated the naira exchanging to the dollar at N1558.
According to the Presidency aide, Bayo Onanuga, such exchange rate shows that the naira is “waxing stronger”.
In a post, he quoted Bloomberg as naira pegged at N1558 due to “dollar bond oversubscription”.
He said; “Naira waxes stronger in the aftermath of record domestic dollar bond oversubscription”.
“The Naira gained the most almost two months after the federal government announced its debut domestic dollar-bond issue, which attracted significant demand.”
“According to Bloomberg data, the Naira surged 4.8% against the dollar on Wednesday, the most considerable increase since July 22.”
“The currency closed at 1,558 naira per dollar, its most substantial level against the greenback since Aug. 21.”
“Finance Minister Wale Edun said the government raised $900 million in its first domestic sale of dollar-denominated bonds, almost double the targeted amount.”
His post celebrating naira selling at N1558 comes at a time where the exchange rate has been blamed in part for sprawling inflation ravaging the country.
As of May 2023, when the Tinubu-led administration emerged, naira which was at that time said to be performing badly sold at N461 per dollar.
In the first month of the current government, it jumped to N600 and has continued to rise.
Nigerians have continued to lament unprecedented hardship especially given that Nigeria is an import dependent country, importing even food and basic things.
Several policies of the government to strengthen naira has failed to yield results.
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