The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has said the economic reforms introduced by his principal are restoring confidence in the naira both locally and internationally.
Onanuga was reacting to a report that some Chinese traders have begun accepting naira in place of the United States dollar for transactions with Nigerian customers.
The report stated that forex traders have attributed the recent exchange rate stability to the success of Nigeria’s currency swap agreement with Chinese traders now collecting naira for its currency, the yuan, instead of dollars.
They also identified peer-to-peer foreign currency trade as one of the factors that is contributing to the stability of the naira.
