China’s decision to accept Nigerian Naira for transactions has been hailed by the Lagos State Chapter of the All Progressives Congress APC as a significant step in the nation’s economic diplomacy and a boost to President Bola Tinubu’s recovery efforts.
Seye Oladejo, the party’s spokesperson, said in a statement released on Monday that the policy will immediately alleviate entrepreneurs, importers, and manufacturers by reducing Nigeria’s excessive reliance on the US dollar for international trade.
He claims that the action will boost the Naira, lessen pressure on the foreign exchange market, and increase economic stability.
One of Nigeria’s biggest trading partners is still China.
Lower expenses, quicker payments, and more ease of doing business are all benefits of being able to settle transactions directly in Naira.
According to Oladejo, “it will also lower the cost of importing necessary goods, machinery, and technology while expanding access for Nigerian exports into Chinese markets.”
Knowing that their products might suddenly reach one of the biggest consumer markets in the world without being heavily reliant on dollars, he continued, would incentivize local producers to increase their output.
The APC went on to say that China’s adoption of the Naira will increase investor confidence around the world, draw in fresh FDI, and bring Nigeria into line with the global trend toward a multipolar financial system in which developing nations use their currencies to conduct business.
In a jab at the opposition, Oladejo stated that the development “shatters their doomsday narrative” and emphasized that Nigeria is unquestionably headed toward economic growth and recovery under Tinubu.
The party urged manufacturers, dealers, exporters, and financial institutions to maximize the advantages of the breakthrough and thanked President Tinubu, the Central Bank of Nigeria, and the Ministry of Finance on what it described as a “visionary achievement.”
