The Presidency speaking through the Senior Special Assistant to President Muhammadu Buhari on Media and Publicity, Malam Garba Shehu says that Naira is now competing very well with the US dollar.
He told Channels Television on a Sunday interview program that the value of the naira is impressive when weighed against global economic challenges.
When asked to comment on the 2021 naira to the dollar exchange rate compared to what it was in 2015 when the current administration came to office, The Presidential aide said it would have been better for economists to answer the question.
According to him, “I think the economists are more competent to talk about this but the naira is in the best possible health given the circumstance we are in.”
Last week, the Central Bank of Nigeria (CBN) devalued the naira taking the value to an all-time low of N410.25 as its official exchange rate. The new rate was also published in its website.
The black market rate is now at an alarming N490 to the dollar.
The exchange rate in 2015 was N197 to $1 at the inception of the present administration.
The Presidency speaking through the SSA maintained that the president has managed the economy exceptionally well since assuming office.
He added that while some countries are posting negative growth rates due to the impact of the Covid19 pandemic, Nigeria is recording economic improvements.
According to him, “If you ask me this question, I will tell you that whoever questions the capacity of the government to manage the economy probably also needs to have themselves re-examined because look at all of the things that have happened with Covid over the last year or more.
“Can you see that in the entire Africa continent, this is the only country that is recording positive growth in its economy ? Everybody is going under but our people are working day and night to ensure we don’t go under, we don’t go down as other countries.
“As fr as I know, the government has been the best team hat anybody can have on tis continent because the facts are there speaking for the administration.”
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