Naira now holding grounds against dollar, Peter Obi should spread the news’

In a recent statement, Onanuga, a prominent Nigerian figure, remarked that the naira is now holding its ground against the US dollar, indicating a potential stabilization of the local currency. This news comes after a period of significant volatility, where the naira had been weakening against the dollar due to factors like inflation, economic uncertainty, and foreign exchange shortages.

Onanuga encouraged Peter Obi, a former presidential candidate and political figure, to spread this positive news, suggesting that the stabilization of the naira could be seen as a sign of economic progress and resilience. According to Onanuga, this development reflects the efforts made by the Central Bank of Nigeria (CBN) and the Nigerian government in implementing monetary policies aimed at stabilizing the national currency.

The naira's ability to hold steady against the dollar is important for several reasons. It can ease inflationary pressures, especially on imported goods, and boost investor confidence in the Nigerian economy. Additionally, a more stable naira can have positive effects on local businesses, trade, and everyday Nigerians who have struggled with the impact of exchange rate fluctuations in recent years.

However, while the stabilization of the naira is a positive sign, analysts caution that it remains crucial for the government to address underlying structural issues in the economy, such as diversification, reduced dependence on oil exports, and fiscal discipline, to ensure long-term stability.

Onanuga's suggestion to Peter Obi to spread this message is likely a call to draw attention to this positive development, particularly given the political and economic context in the country. By highlighting the relative strength of the naira, he hopes to foster a sense of optimism and confidence in the Nigerian economy.