Tinubu’s unified exchange rate yielding positive results — APC chieftain, Oyintiloye

Olatunbosun Oyintiloye, a chieftain of All Progressives Congress (APC) in Osun State, has lauded President Bola Tunubu’s strategic policy on the unification of exchange rates, stating that it has begun yielding positive results.

Speaking with journalists in Osogbo on Sunday, Oyintiloye, a former member of the defunct APC Presidential Campaign Council (PCC), expressed optimism about the recent developments in Nigeria’s economic landscape.

He highlighted the recent decision by the Monetary Policy Committee of the Central Bank of Nigeria to raise the benchmark interest rate, known as the Monetary Policy Rate (MPR), by 200 basis points to 24.75 percent as part of measures to control inflation and stabilize the naira.

While acknowledging that the policy initially posed challenges for Nigerians, Oyintiloye emphasized that recent experiences indicate a positive impact on the nation’s economy.

He pointed out that the appreciation of the naira against the dollar in both parallel and official markets is commendable and provides significant relief to Nigerians. Oyintiloye further noted that the current economic growth would attract foreign portfolio investment, stabilize prices, and mitigate inflationary trends.

Oyintiloye also commended the Central Bank of Nigeria for the successful clearance of $7 billion Forex backlog, noting that this will continue to stabilise the exchange rate.

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He appealed to Nigerians to continue to exercise patience with the president, assuring that things will continue to get better.

“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 was 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 currencies is amazing and I know we will soon be benefiting from it.

“The Renewed Agenda of the president will be fulfilled and Nigerians will surely laugh last”, he said.

Oyintiloye also called on Nigerians to reduce their appetite for foreign goods to fast-track the growth of the nation’s economy saying Nigeria as a nation must also cut its dependence on foreign goods, increase local production and enhance entrepreneurship.

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