The Presidency has announced the successful harmonisation of Nigeria’s exchange rates across official and parallel markets, marking what it describes as a major economic milestone under President Bola Ahmed Tinubu’s administration.
This declaration was made by presidential aide Bayo Onanuga, who took to social media on Friday to celebrate the naira’s recent stability against the US dollar. In a brief post on X (formerly Twitter), Onanuga stated: “Harmonisation of exchange rate achieved. Renewed Hope Agenda is not just a slogan. It is real.”
The announcement followed a notable appreciation of the naira, which traded at ₦1,532.34 and ₦1,535 to the dollar in the official and parallel markets, respectively — a rare convergence that analysts have described as a significant shift in Nigeria’s foreign exchange regime.
This development comes months after the Central Bank of Nigeria (CBN) introduced sweeping reforms aimed at unifying the country’s multiple exchange rates, a long-standing issue that had discouraged foreign investment and created distortions in the economy.
Renowned economist and Chief Executive of Financial Derivatives Company, Bismarck Rewane, also weighed in, stating that the naira’s strengthening reflects a broader economic recovery. “The Nigerian economy is leaping away from crisis,” he said in a recent analysis.
The Tinubu administration has repeatedly emphasised its commitment to market-driven reforms as part of its *Renewed Hope Agenda*, despite the initial economic shocks and rising cost of living that followed subsidy removals and naira devaluation in 2023.
Observers say the harmonisation, if sustained, could boost investor confidence, enhance transparency in forex transactions, and improve Nigeria’s macroeconomic outlook.
However, critics warn that short-term stability does not necessarily indicate long-term recovery, pointing to lingering inflationary pressures and sluggish growth in the non-oil sector.
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