Presidency says Naira is in the Best Possible Health Against Dollar

Presidency says Naira is in the Best Possible Health Against Dollar

- Presidential spokesman, Garba Shehu has claimed that in Africa only, Nigeria's economy is recording positive growth

- Shehu on Sunday, May 30, argued that the country's currency is in its best possible health against the dollar given the circumstance

- In 2015, when Buhari took over as president, the naira was N197 to $1, however, Nigeria’s currency is now N495/$1 in the parallel market

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Garba Shehu, a special adviser to the president on media and publicity, on Sunday, May 30, stated that given the circumstances Nigeria is in, the naira is in the best possible health.

The presidential spokesperson who made the disclosure on Channels TV's Sunday Politics claimed that only the Nigerian economy is recording positive growth in Africa.

Shehu made the comments in response to statistics on how the economy fared in 2015 compared with 2021.

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Femi Adesina says Nigeria have been better in Buhari’s six years

Presidency says Naira is in the Best Possible Health Against Dollar
Garba Shehu has said that the Naira which appreciated at the importer & exporter window is in the best possible health. Photo credit: @GarShehu
Source: Twitter

The president's aide said though the minister of finance is in the best position to talk about the economy, however, the naira is in its best possible health against the dollar.

He argued that the global economy has been negatively affected over the past year by the COVID-19 pandemic, The Cable also reported.

Shehu also said those criticising the way the federal government handles the economy should get themselves “re-examined”.

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Naira depreciates at black market

Meanwhile, Naira became weaker to dollar after it depreciated by N6 to settle at N493 to one dollar, against the N487/$1 the black market closed with on Tuesday, May 25.

This is the weakest naira has sold in the last six months. Tuesday's parallel market price had broke this low level when naira hit N487 to a dollar, as seen on AbokiFX data.

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Naira depreciates at black market, official channel after CBN devaluation

According to FMDQ, the official exchange rate closed at N411.50 on the investors & exporters window for $1, showing a depreciation in naira value when compared to the N411.38 for one dollar it opened the market with.

Femi Adesina says the president has done well in 6 years

Presidential media aide, Femi Adesina on Saturday, May 29, declared that Nigeria has become a better country than it was before President Muhammadu Buhari’s ascension to office in 2015.

Adesina, a veteran journalist, made the assertion in an article he shared on his Facebook page to commemorate Buhari’s six years in office.

In the article, Adesina reeled out what he called the achievements of the Buhari administration in six years.


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