Tinubu’s Reforms Strengthening Naira, Says Onanuga

The Special Adviser on Information and Strategy to President Bola Tinubu, Bayo Onanuga, has credited the administration’s sweeping economic reforms with the recent strengthening of the naira and renewed international confidence in Nigeria’s economy.

In a post on his official X account, Onanuga argued that the reforms—particularly the unification of exchange rates, the removal of fuel subsidies, and measures to clear foreign exchange backlogs—are beginning to pay off. He noted that the naira, which had come under severe pressure in previous years, is now trading at below ₦1,500 to the dollar, with projections that it could stabilize between ₦1,000 and ₦1,200 by the end of the year.

“The almighty dollar is no longer king here,” Onanuga said, pointing out that global platforms are increasingly accepting the naira. He cited the case of some Chinese e-commerce outlets that now allow Nigerians to pay directly with their naira cards, bypassing the dollar.

Onanuga also revealed the strain Nigeria faced before the reforms, stating that the Central Bank was previously spending as much as $1.5 billion monthly to defend the naira against market forces, a practice he described as unsustainable. With the new policy direction, he said, reserves have been rising, moving from $37.2 billion in July to $40.2 billion in early August, signaling greater resilience in the financial system.

Analysts note that the reforms, while painful in the short term due to inflationary pressures, have helped restore investor confidence. The government has set ambitious economic goals, including achieving 7 percent growth by 2027 and quadrupling economic output by 2030.

The presidency insists that these steps are necessary to put the economy on a stable footing after years of dependency on subsidies and artificial exchange rates.

For many Nigerians, however, the impact of the reforms is still being felt in the rising cost of living, leaving the government with the dual challenge of sustaining economic stability while easing hardship on households.