Tinubu reforms strengthen naira, says presidency, as Chinese traders begin accepting naira over dollars in growing foreign confidence

Tinubu reforms strengthen naira both locally and internationally, according to Bayo Onanuga, the Special Adviser on Information and Strategy to President Bola Ahmed Tinubu.

Also read: Naira Exchange Rate Performance Shows Mixed Trends Across Markets

His remarks follow reports that Chinese traders are now accepting naira for transactions with Nigerian customers — bypassing the US dollar.

This shift is seen as a confidence boost for Nigeria’s currency, following months of exchange rate instability.

Recent reports indicate that Chinese merchants, particularly those involved in Nigeria-bound trade, now accept naira-denominated cards or payments in place of US dollars, as part of a currency swap agreement between the two nations.

“This is a salutary development for the Nigerian economy,” Onanuga stated via X (formerly Twitter).
“The Tinubu reforms are making foreigners have faith in the naira.”

He added that he has personally used naira cards on Chinese e-commerce platforms, confirming that the development is real and increasingly widespread.

Analysts point to three main factors helping the naira stabilize:

• Currency swap agreements enabling yuan-to-naira transactions
• Peer-to-peer (P2P) forex platforms reducing reliance on official channels
• FX market reforms initiated by the Central Bank of Nigeria under Tinubu’s administration

The naira strengthened by 0.36% on Monday, trading at ₦1,526.09 per USD, its strongest performance in six weeks, according to CBN data.

P2P foreign currency exchanges allow users to bypass banks and intermediaries, directly exchanging currencies online.

Traders say this reduces pressure on the formal forex market — another result of economic liberalization efforts by the Tinubu administration.

Onanuga took a swipe at opposition leaders, saying political figures like Atiku Abubakar, Peter Obi, and Nasir El-Rufai would never acknowledge these economic wins.

“They are waiting for disasters to vent their political frustration on President Tinubu,” he said.

This development signals a shift in Nigeria’s international trade dynamic, as local currency begins to gain acceptance abroad  a long-standing goal of successive administrations.

Also read: Naira Strengthens Against Dollar to Six-Week High, Boosting Confidence

If sustained, this could:

• Reduce dollar dependency
• Ease forex pressure
• Encourage digital trade growth