Ajuri Ngelale said Nigerians should expect a stronger naira in the first quarter of 2025
Spokesman to President Bola Tinubu, Ajuri Ngelale, said Nigerians should expect stronger naira in the first quarter of 2025.
Ngelale predicted this after the success Tinubu’s administration has recorded with its intervention in the foreign exchange (FX) market.
He feels the naira will become stronger next year following the resumption of full operations in Nigeria’s oil refineries.
“The President has been very consistent in his view that the labour pains felt by our people and the incredible sacrifices made by our people over the past 10 months would be rewarded across the board,” he said in a brief made available to newsmen in Abuja.
The President’s multi-faceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices are good.”
According to him, they have provided a platform for the sustainable strengthening of our national currency against all global currencies.
Ngelale, however, said there is still much work to be done and this is not a time for celebration.
He believes it’s time for doubling down and working harder to ensure inflation is sustainably reduced in short order.
The Presidential spokesman said he is also optimistic that consumer protecting regulatory agencies will step up enforcement.
It will ensure Nigerians are not short-changed by enterprises that fail to reflect the prevailing exchange rates on the pricing of goods and services across the board.
“As our private and publicly-owned refineries resume operations between now and the first quarter of 2025, the nation’s cash position will dramatically improve.
“Nigerians can expect a stronger Naira and fair reflection of its strength in the prices of commodities.
“Once you join the rising spending power of Africa’s largest population with the historic availability of trillions of naira for consumer credit, that will bolster the real sector.
“Nigerians will be most pleased that they elected a financial engineer and businessman as president.
“That’s by the end of his first term in office because the signs are increasingly more evident today.”
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