Worst of economic crisis over, says Osun APC chieftain

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A chieftain of the All Progressives Congress in Osun State, Mr Olatunbosun Oyintiloye, has said that the country may have survived its worst moment with the recent gains that naira has recorded against dollar.

Speaking with journalists in Osogbo, Osun State capital on Sunday, the ex-lawmaker representing Obokun State Constituency in the Osun State House of Assembly, said gains by naira was partly due to strategic policy of President Bola Tinubu, regarding the unification of exchange rate.

Oyintiloye, who said the strategy has started yielding positive results, recalled that Monetary Policy Committee of the Central Bank of Nigeria, as part of measures to control inflation and stabilise the naira, in March raised its benchmark interest rate, known as the Monetary Policy Rate by 200 basis points to 24.75 per cent from 22.75 per cent in February 2024.

Commenting further, the APC chieftain said that although economic policies of the current administration initially led to unsavoury experiences for Nigerians.

He, however, declared that the experience of the past few weeks was an indication that various initiatives were beginning to have positive impacts on the nation’s economy.

He noted that yhe manner that the naira has been appreciating against the dollar at both parallel and official markets was commendable, adding that the current growth in the nation’s economy would make it attractive to foreign portfolio investment, stabilise prices, and check inflation trend.

He commended the Central Bank of Nigeria for the successful clearance of $7 billion  forex backlog, noting that this would continue to stabilise the exchange rate.

According to him, liberation of the foreign exchange market and the continuous appreciation of naira would unlock the huge potentials for investment and restore investors’ confidence in Nigeria economy.

He, however, appealed to Nigerians to continue to exercise patience with Tinubu, assuring that things would continue to get better for the country under the President’s watch.

He said, “The strategic policy of President Bola Tinubu, on the unification of exchange rate has started yielding positive results. With the steady appreciation of naira in the last few weeks, we can begin to say the worst is over.

“In the next few months, we will continue to reap the benefits of the tough economic decisions that were made by the President.

“This will clearly prove to us that the President meant well for all Nigerians in all his economic policies. The way the naira is fast appreciating against the dollar and other currency is amazing and I know we will soon be benefiting from it.The Renewed Hope Agenda of the President will be fulfilled and Nigerians will surely laugh last.”

He called on Nigerians to reduce their appetite for foreign goods to fast-track the growth of the nation’s economy.

Currently, the naira official exchange rate to a dollar stands at N1255.26

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