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Gov’t aims to stabilise the Nigerian Naira

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By Mercy Kelani

Boosting the value of the naira in comparison to other currencies worldwide.

The president is encouraging citizens to support the Nigerian economy by purchasing locally made products in order to boost the strength of the national currency, the naira. On March 22, 2024, during a press briefing with the State House Correspondents, President’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed this information. His Excellency, President Bola Ahmed Tinubu emphasized the crucial need for unity and cooperation among the people during this significant moment in Nigerian history, he stated.

Nigerians should commit to supporting and buying products made in Nigeria in every industry and at every level of production. One of the measures implemented by President Tinubu is aimed at boosting the value of the Nigerian naira in comparison to other currencies worldwide, according to him. The media aide of the President pointed out various government initiatives aimed at enhancing the livelihoods of Nigerians, including the presidential conditional grant scheme which offers non-repayable grants of up to ₦50,000 to 1 million nano enterprises, and providing ₦75 billion to 75 large manufacturers that employ over 1,000 Nigerians each.

Reduced travel expenses will save more than ₦5 billion per quarter.

He stated that the President is putting forth maximum effort to alleviate the struggles of families, all while making sure that both the public sector and federal government of Nigeria are held responsible for wise financial decisions. He observed that a significant reduction in travel expenses is evident, with the implementation of a temporary ban on all non-essential foreign travel starting from April 1. This measure is projected to save more than ₦5 billion per quarter. He mentioned that talks about the minimum wage are still in progress, emphasizing that the government is aiming to avoid a scenario where the minimum wage remains stagnant, leading to a perpetually shifting target in the history of the nation.

Below is the complete statement given by Ngelale: The recent days have brought significant changes in Nigeria’s foreign exchange market, resulting in the Nigerian Naira gaining strength against the US dollar. It is evident that Nigerians have noticed these remarkable shifts. It is crucial that Nigerians approach this matter with a deliberate mindset, aiming for a robust currency and increased purchasing power for its citizens. Furthermore, President Bola Ahmed Tinubu is committed to supporting micro, small, and medium-sized enterprises in Nigeria during this challenging time.

Temporary ban on all non-essential foreign travel.

Also, he has endorsed the Presidential conditional grant scheme, which will provide over 1 million Nigerian businesses with non-repayable funds of up to ₦50,000 per nano enterprise. This initiative aims to provide the necessary assistance for businesses to overcome the current economic difficulties. During these challenging times, the country hopes to witness its major industries not only retaining employees, but also proactively growing their workforce by increasing hiring opportunities.

Furthermore, the President is committed to lightening the load on families by taking action to hold the public sector and federal government of Nigeria accountable for spending. He is implementing a temporary ban on all non-essential foreign travel starting April 1, which is expected to save over ₦5 billion per quarter. This measure aims to cut down significantly on travel expenses and ensure responsible use of funds. The Nigerian Naira has been gaining momentum and strengthening, and this trend is expected to persist for Nigerians.

Related Article: Foreign Investors Halt over Naira Instability

Additionally, the President Bola Ahmed Tinubu administration is focused on effectively managing the financial impact of every Naira earned by Nigerians. This is the key point that the government highlighted as it concluded. Mr. President is committed to ensuring the stability of the currency while addressing the pressing issue of a new minimum wage that many people have been inquiring about. Discussions regarding the new minimum wage are currently in progress with government officials.

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