Onanuga said this in reaction to a report that some Chinese traders have begun accepting naira in place of the United States dollar for transactions with Nigerian customers.

According to the report, forex traders 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.

The report gathered that the naira strengthened by 0.36 per cent or (N5.48) to N1,526.09 per dollar from N1,531.57 per dollar at the previous trading session.

This is the strongest rate that the naira has traded in about six weeks on the Nigerian Foreign Exchange Market, according to data from the Central Bank of Nigeria website.

Onanuga, in a post via his X post, said that the development shows that the currency is gaining recognition beyond Nigeria, citing his own experience on Chinese e-commerce platforms.

Read Also: Obidient movement raises alarm over Tinubu’s aide threat

“This is a salutary development for the Nigerian economy. The Tinubu reforms are making foreigners have faith in the naira. The Almighty US dollar is not the ultimate king here. The naira is waxing stronger as an international means of exchange,” he said.

He added, “I also buy some items on Chinese platforms. I can confirm that they accept naira cards. El-Rufai, veteran runner Atiku Abubakar, and Peter Obi will never celebrate this development. They are waiting for disasters to vent their political frustration on President Tinubu.”

Onanuga maintained that the progress being recorded shows that the government’s economic policies are yielding results.

Source: Punch