A prominent chieftain of the All Progressives Congress (APC) in Osun State, Hon. Olatunbosun Oyintiloye, has lauded President Bola Tinubu’s strategic policy on the unification of the exchange rate, asserting that it has begun to yield tangible positive results for the Nigerian economy.
Oyintiloye, a former member of the now-defunct APC Presidential Campaign Council (PCC), made this assertion while addressing journalists in Osogbo on Sunday.
To curb inflation and stabilise the naira, the Monetary Policy Committee of the Central Bank of Nigeria (CBN) last month implemented a significant 200 basis point hike in its benchmark interest rate, known as the Monetary Policy Rate (MPR), raising it from 22.75 per cent in February 2024 to 24.75 per cent.
The former lawmaker acknowledged that while the policy initially resulted in unfavourable experiences for Nigerians, the developments witnessed over the past few weeks indicate that the initiative is beginning to have a positive impact on the nation’s economy. Oyintiloye commended the impressive rate at which the naira has appreciated against the dollar in both the parallel and official markets, describing it as a considerable relief for Nigerians.
According to the APC chieftain, the current economic growth trajectory will render the nation’s economy increasingly attractive to foreign portfolio investments, stabilise prices, and effectively curb inflationary trends. He also applauded the CBN’s successful clearance of a $7 billion foreign exchange backlog, noting that this will further contribute to the stabilisation of the exchange rate.
Oyintiloye asserted that the liberalization of the foreign exchange market and the continuous appreciation of the naira would unlock immense potential for investment and restore investor confidence in the Nigerian economy. He urged Nigerians to exercise patience with the president, expressing confidence that conditions would continue to improve.
“The strategic policy of President Bola Tinubu on the unification of the exchange rate has started yielding positive results,” Oyintiloye stated. “With the steady appreciation of the 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 made by the president.”
Furthermore, the APC leader called on Nigerians to reduce their appetite for foreign goods to accelerate the growth of the nation’s economy. He emphasised the imperative for Nigeria to diminish its dependence on imported goods, boost local production, and foster entrepreneurship, asserting that these measures would fortify the naira, which has been under immense pressure.
“By importing, we are essentially developing the economies of the countries we purchase from through job creation, value chain maintenance, capacity for product development, and other spin-off effects of production,” Oyintiloye remarked. “We must strive to feed our population and become less reliant on importation to expedite the development of our country.”