As Nigeria continues to grapple with the consequences of the naira’s devaluation, the Presidency has celebrated the naira’s exchange rate to the US dollar at N1558.
In a post on X, President Bola Tinubu’s aide, Bayo Onanuga quoted Bloomberg as saying the naira is set at N1558 due to “dollar bond oversubscription”, noting that the naira is “waxing stronger”.
“Naira waxes stronger in the aftermath of record domestic dollar bond oversubscription.
“The Naira gained the most almost two months after the federal government announced its debut domestic dollar-bond issue, which attracted significant demand.
“According to Bloomberg data, the Naira surged 4.8% against the dollar on Wednesday, the most considerable increase since July 22.
“The currency closed at 1,558 naira per dollar, its most substantial level against the greenback since Aug. 21.”
“Finance Minister Wale Edun said the government raised $900 million in its first domestic sale of dollar-denominated bonds, almost double the targeted amount.”
However, Nigerians have not stopped complaining about their extraordinary plight, especially because the nation is entirely dependent on imports—even food and necessities.
Several government efforts aimed at strengthening the naira have failed to yield positive results to solve the problem.