Dollar Exchange Rate: What Tinubu’s Govt Is Doing to Make Naira Appreciate, Reps Candidate Explains

• A house of representatives candidate in the 2023 general elections, Obinna Nwosu, has explained what President Bola Tinubu’s administration did to make the naira rise
• Nwosu commended the Central Bank of Nigeria (CBN) and the office of the National Security Adviser for suspending the operations of Binance in Nigeria
• In an exclusive chat with Legit.ng, he said the cryptocurrency application became a tool for sabotage by speculators who devalue the naira without any rational economic backing

Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro and government policy

Umuahia, Abia state - A House of Representatives candidate in the 2023 general election in Ikwuano/Umuahia Federal Constituency in Abia state, Obinna Nwosu, has commended the President Bola Ahmed Tinubu-led federal government for helping the naira appreciate against the United States dollar.

Nwosu said the decision to suspend the operation of Binance in Nigeria played a huge role in making the naira rise in the global market.

How Binance was used to sabotage naira

He said he is glad that the Central Bank of Nigeria (CBN) and the office of the National Security Adviser carried out due diligence and swung into action to deal with Binance’s sabotage of the Nigerian economy.

He stated this during an exclusive interview with Legit.ng on Saturday, April 13.

“First, I would like to commend the federal government's decision to suspend the operation of Binance in Nigeria. This was what some of us clamoured for a long time ago. Binance became a tool for sabotage which gave speculators an unregulated platform to speculate against the Naira and devalue it without any rational economic backing.”

Speaking about his experience when he met with a currency changer, Nwosu said:

“When I knew Binance was going to pose a negative influence on the Naira, I witnessed a local currency changer, innocently checking Binance before quoting an exchange rate. Then the dollar was trading at N1220 to the dollar. I had no access to the CBN governor, Yemi Cardoso, so I reached out to a few friends who could access him and I told them, “Guys if nothing is done about this Binance app, the dollar is gone to exchange for N5000”.

How Tinubu's govt can sustain naira appreciation

Nwosu added that the major factor that will continuously help the naira to appreciate is for Nigeria to be productive, increase exports and constant electricity supply.

The politician said constant electricity would have a huge impact on the economy and the nation at large.

He said the greatest Nigerian president of all time will be the president who solves the power challenges that have held the nation back for several decades.

He urged President Tinubu to boost the electricity supply in the country as his greatest gift to Nigerians.

“The truth remains that for the Naira to be competitive, we have to be more productive and increase exports. I still have a firm belief that an important factor that can help us achieve this is to boost our electricity supply. If Nigeria can achieve constant electricity the journey to greater prosperity for our nation and its people will kickstart at a super-sonic speed”

Presidency gives update on Binance executive

Meanwhile, Legit.ng reported that the Nigerian government located Nadeem Anjarwalla, a Binance executive, who fled custody in Nigeria, to Kenya.

Sources within the Presidency involved in the matter said Anjarwalla, whose whereabouts have been revealed, immediately went into hiding upon his arrival in Kenya.