Oyintiloye Olatunbosun, a prominent member of the All Progressives Congress (APC) in Osun State, has expressed that President Bola Tinubu’s strategic approach to unifying exchange rates is starting to yield encouraging outcomes. Speaking to journalists in Osogbo, he highlighted the positive impact the policy has had on the nation’s economy.

In recent weeks, the Nigerian Central Bank’s Monetary Policy Committee raised the benchmark interest rate, known as the Monetary Policy Rate (MPR), by 200 basis points to 24.75 percent. Although this initially resulted in unfavorable experiences for Nigerians, Oyintiloye noted that the recent developments indicate a positive shift in the economy.

The APC leader commended the commendable appreciation of the Naira against the dollar, both in the parallel and official markets, emphasizing that it provides significant relief for Nigerians. He also praised the successful clearance of the $7 billion Forex backlog by the Central Bank, highlighting its role in stabilising the exchange rate.

Oyintiloye expressed confidence that the liberalisation of the foreign exchange market, coupled with the continuous appreciation of the Naira, will unlock investment potential and restore confidence among investors in Nigeria’s economy. He urged Nigerians to exercise patience and trust in the President, assuring them that better days lie ahead.

In line with promoting economic growth, Oyintiloye appealed to Nigerians to reduce their reliance on foreign goods and instead focus on supporting local production and entrepreneurship. He stressed the need to decrease dependence on imports and emphasized that fostering local industries would strengthen the Naira, which has been under significant pressure.