Atiku Abubakar Makes Big Promises to Help Naira Gain Value Against US Dollar if Elected President

Atiku Abubakar Makes Big Promises to Help Naira Gain Value Against US Dollar if Elected President

  • Atiku Abubakar has promised to help change the face of the Naira value against US dollars when elected president
  • He listed various policies he will implement immediately after he becomes the number one man in Nigeria
  • Atiku was the former vice president of Nigeria and also the People's Democratic presidential candidate

The presidential candidate of the People’s Democratic Party (PDP), Atiku Abubakar, has promised to carry out deep economic reforms, including abolishing the current multiple exchange rate regime, if elected president in 2023.

The former vice president stated this on Monday, 1 August 2022, when a delegation of the British High Commission, led by the high commissioner, Catriona Laing met with him at his residence in Abuja.

He also said he would reduce the tax to encourage genuine manufacturers and promote real investments, BusinessDay reports.

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Atiku Abubakar plans to help Naira regain value
Atiku Abubakar, PDP presidential candidate Credit: PDP
Source: Depositphotos

The meeting discussed a wide range of issues bordering on security, education, agriculture, economy and fostering national unity in Nigeria.

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Paul Ibe, Spokesman for Atiku said he also promised to boost agriculture to create employment for the country’s teeming population.

Naira recovers

Atiku promises are coming amid a slight improvement for Naira at both the unofficial and official markets,

Data obtained from FMDQ securities shows that Nigerian currency, Naira closed at the official market on the first trading day for August at N428.88 per dollar as against the last close of N426.20 on Friday.

Similarly, on the black market, there was an improvement to N690 from the above N700 it exchanged in the last week of July.

Naira's good performance followed the Central bank of Nigeria's assurance to tackle the devaluation of the Naira.

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Banks release names of customers using fake visa to buy cheap dollars for resale

Meanwhile, in compliance with CBN directives, ten Nigerian banks have revealed the names of customers buying cheap dollars to likely resell at the black market.

In a circular in July 2021, CBN had directed banks to publicize the identities of persons who engage in such behaviour and to restrict them from obtaining currency in the future

The huge gap between the black market and the official rate has further created a market for some unscrupulous Nigerians to profit from

Source: Legit.ng

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