A stronger Naira is possible by Q1 2025 – Presidency

The presidency has said that a stronger Naira can be achieved by the first quarter of 2025 following recent intervention in the foreign exchange market and the resumption of full operations by the refineries. 

Addressing state house correspondents on Thursday, April 11, Special Adviser to the President on Media and Publicity, Ajuri Ngelale said the policy revitalisation in the foreign exchange market is aimed at strengthening the Naira in currency markets. 

He said; 

“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. 

“The President’s multi-faceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices have provided a platform for the sustainable strengthening of our national currency against all global currencies and this is what we are seeing.

“But there is still much work to be done and this is not a time for celebration. It is a time for doubling down and working harder to ensure that inflation is sustainably brought down in short order and that consumer protecting regulatory agencies step up enforcement to ensure that our people are not short-changed by enterprises that fail to reflect the prevailing exchange rates on the pricing of goods and services across the board.”