Nigeria’s unofficial foreign exchange market reacted positively on the inauguration day of Bola Ahmed Tinubu as Nigeria’s 16th President.
The black market opened on Monday at N763 against the US
dollar but dropped by N9 at the close of trade.
Prices at Zone 4, a popular Bureau de Change hub in Abuja
closed between N755 and N754 against the dollar.
The naira has been trading low against the dollar over low
foreign exchange earnings.
But Tinubu said in his first inaugural speech that he will
unify the exchange rate.
The secondary market intervention sales retail window, the
small and medium-size enterprises (SME) window, and the window for invisibles.
The black market for the BDC dealers is another unofficial
window with a huge margin.
He said, “Monetary policy needs thorough house cleaning. The
Central Bank must work towards a unified exchange rate.
“This will direct funds away from arbitrage into meaningful
investment in the plant, equipment and jobs that power the real economy.
“We shall ensure that investors and foreign businesses
repatriate their hard earned dividends and profits home.”
Adesina Lauded For Setting Agenda For Tinubu In Inauguration
Speech
A former minister for agriculture and current president of
the African Development Bank (AfDB), Dr. Akinwumi Adesina, has received kudos
for giving a lucid, thought-provoking speech at the inaugural lecture of the
new president of Nigeria, Asiwaju Bola Ahmed Tinubu.
The commendation came from a public analyst and optometrist
Dr. Jeremiah Agoh.
In a reaction yesterday to Adesina’s recent speech at the
Banquet Hall of the Presidential Villa, Asokoro, Abuja, Dr Agoh described the
address as “apt, thought-provoking, truth to power, and straight to the point.”
Agoh in a statement he issued in Abuja, said the views and
perspectives expressed by the AfDB boss should not have been delivered at a
better period in the nation’s history as it is done now that a new government
has been ushered in Nigeria after eight years of Muhammadu Buhari in the
saddle.
The expert, who said he had followed the activities of the
Buhari administration over the years, thanked Adesina for his “forthrightness
and foresight in shaping the African Development Bank to the envy of other
international financial institutions.”
Agoh said he was elated over the giant strides Adesina had
made at ADB, which today is ranked as the most transparent financial
institution in the world.
He described the AfDB president as one of the leading lights
the country has produced, stressing that he would always tell the truth to
power.
Adesina had told the new president that the “election of a
new president in every climate elicits hope.
“Therefore, Nigerians would be looking up to him (president
Tinubu) to assure security, peace, and stability.
He added that Nigerians both at home and in the diaspora
would expect the new president to heal and unite a fractious nation, and also
rise above party lines and forge a compelling force to move the nation forward
with inclusiveness, fairness, equity and justice.
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