“The naira is holding its ground… This is good news, not bad news. I invite Mr. Peter Obi to retweet” – Bayo Onanuga

Bayo Onanuga, spokesperson for the Presidency, has urged Labour Party’s presidential candidate in the last general election, Peter Obi, to acknowledge the recent gains of the Nigerian naira against the US dollar and other foreign currencies.

Onanuga’s remarks follow a report by Bloomberg, which highlighted the naira’s unusual period of stability. Analysts quoted in the report expressed optimism that this trend could continue, marking a significant shift after the currency suffered a steep depreciation over the past year. Since the relaxation of foreign-exchange controls in 2023, the naira had lost about 70% of its value against the dollar.

Describing the latest development as positive news, Onanuga encouraged Obi to amplify the message. “The naira is holding its ground against the greenback and other currencies. This is good news, not bad news. I invite Mr. Peter Obi to retweet the exhilarating story,” he said.