APC chieftain to Nigerians: Tinubu’s unified exchange rate policy successful, yielding results

A chieftain of the All Progressives Congress (APC) in Osun State, Mr Olatunbosun Oyintiloye has said that the strategic policy of President Bola Tinubu on the unification of exchange rate has been successful and started yielding results.

Oyintiloye, a former lawmaker said this in an interview with newsmen on Sunday in Osogbo.

The former member of the defunct APC Presidential Campaign Council(PCC) noted that the policy was painful and tough when it was introduced, but the experience of the past few weeks was an indication that the policy was putting the nation’s economy on the path of recovery.

He observed that the ways the naira was fast appreciating against the dollar was commendable, stressing that the liberation of the foreign exchange market and the steady appreciation of the naira, would attract foreign portfolio investment, and unlock the huge potentials for investment and restore investors confidence in the nation’s economy.

Oyintiloye also commended the Central Bank of Nigeria for successfully cleared $7 billion Forex backlog, adding that this will continue to stabilise the exchange rate.

“In the next few months, we will continue to reap the benefits of the tough economic decisions that was made by the President.

“This will clearly proof to us that the president meant well for all Nigerians in all his economic policies.

” The way the naira is fast appreciating against the dollar and other currency is amazing and I know we will soon be benefiting from it.

” The Renewed Agenda of the president will be fulfilled and Nigerians will surely laugh last”, he said.

Oyintiloye also called on Nigerians to reduce their appetite for foreign goods to fast-track the growth of the nation’s economy.

He said Nigeria as a nation must also cut dependence on foreign goods, increase local production and enhance entrepreneurship.

He said these would help to strengthen the naira which was under too much pressure.

According to him, “By importing, we are simply developing the economies of the countries we buy from through job creation, value chain maintenance, capacity for product development and other spin-off effects of production.

“We have to feed our population and depend less on importation to fast-track development of our country.”