Tinubu’s economic policies will strengthen naira, says Omokri

Reno Omokri, former presidential aide, has commended the monetary policies of the President Bola Tinubu administration.

Omokri, in a post on X, described the federal government’s monetary policies as an “economic miracle” that should be studied.

Omokri noted that the policies of the government will sanitise the system and make the local currency appreciate further.

“First, the economic miracle that the Tinubu administration has pulled off with the floated Naira needs to be studied at ivory towers around the globe. Harvard Business School would have to develop a course to learn and replicate Nigeria’s recent economic revamp,” Omokri said.

“Never in the history of human endeavour has a nation’s currency gone from being the worst-performing currency on Earth to becoming the undisputed best-performing banknote in the world in the space of just four months.

“How did they do it? Central to this is the National Security Adviser. Yes, his decisiveness against Binance sparked the recovery of the Naira. But his clinical surgery on our economy goes beyond that.

“The revocation of the licenses of 4173 allegedly shady Bureau de Changes, which has reduced speculation against the Naira, also the brainchild of Mallam Nuhu Ribadu, played a significant role in first stabilising, then appreciating the Naira.

“Now, with all eyes on Bureau de Changes, everybody is shaping up. What the Central Bank of Nigeria is now doing is procedural regulatory functions, which, coupled with what the National Security Agency had done, sanitised the system.”

In June 2023, as part of a series of policies to ensure economic recovery, the Central Bank of Nigeria (CBN) announced the unification of all segments of the forex exchange (FX) market into the investors & exporters (I&E) window.

On April 11, the presidency said Tinubu’s multi-faceted approach to eliminating FX racketeering is strengthening the naira against global currencies.

On Tuesday, the naira appreciated further in the parallel section of the FX market.