The Naira strengthened against the dollar in the official foreign exchange market on Thursday, 24 hours after a dip.
FMDQ data showed that the Naira gained N1.54847 per dollar on Thursday, up from N1.551.10 recorded the previous day. This indicated a marginal appreciation of N2.63.
While the Naira showed stability against the dollar in the official market, it dipped by N13 on Thursday in the parallel market.
Bayo Onanuga, spokesperson for President Bola Tinubu, bragged about Naira’s seeming stability against the dollar.
He had urged Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 general election, to say something about the recent gains by Naira, the nation’s currency.
Onanuga claimed that Naira is holding its ground against the greenback and other currencies.
Apparently, his statement was against Bloomberg’s reports that the Naira is enjoying a rare run of stability, adding that analysts expect it to last.
The report noted that Nigeria’s battered currency had lost 70% against the greenback since foreign-exchange controls were relaxed in 2023, including a steep depreciation 12 months ago.
However, Onanuga described the development as good news, “inviting Obi to re-tweet the exhilarating story.”
He said: “The Naira is holding its ground against the greenback and other currencies. This is good news, not bad news. I invite Mr. Peter Obi to re-tweet the exhilarating story.”