Presidency trolls Peter Obi as naira gains stability against dollar

Bayo Onanuga, the Presidency’s spokesperson, has called on Peter Obi, the Labour Party’s presidential candidate in the last election, to acknowledge the recent improvements in the value of the naira. According to Onanuga, the currency is now holding firm against the US dollar and other major currencies. This statement comes on the heels of a Bloomberg report highlighting an unusual period of stability for the naira. The Naira finds its footing as it stabilises: Bloomberg reportA year after an eyewatering slide against the dollar, the naira is enjoying a rare run of stability, and analysts expect it to last.Nigeria’s battered currency has lost 70% against the greenback since foreign… pic.twitter.com/YveHs7iZTL— Bayo Onanuga (@aonanuga1956) January 16, 2025 The report noted that the currency, which had suffered a 70% decline against the dollar following foreign exchange policy adjustments in 2023, is now showing signs of resilience. Analysts are optimistic about the sustainability of this trend. Onanuga expressed enthusiasm over the development, stating, “The naira is holding its ground against the greenback and other currencies. This is good news, not bad news.” Presidency tells Peter Obi to spread good news of naira He further urged Obi to share the Bloomberg report to amplify the positive narrative, saying, “I invite Mr. Peter Obi to retweet the exhilarating story.” 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 retweet the exhilarating story. https://t.co/hBGWz5lcjf— Bayo Onanuga (@aonanuga1956) January 16, 2025 The recent gains come as a relief after months of economic uncertainty. While the stability is welcomed, experts caution that long-term measures are essential to sustain the naira’s recovery. Peter Obi has yet to respond to Onanuga’s remarks, leaving room for speculation about whether he will comment on the currency’s progress.