House Of Rep Candidate Nwosu Credits Tinubu’s Actions For Naira Surge

House Of Rep Candidate Nwosu Credits Tinubu’s Actions For Naira Surge....KINDLY READ THE FULL STORY HERE▶

A candidate vying for a seat in the House of Representatives during the forthcoming 2023 general elections, Obinna Nwosu, recently shared insights into the recent upward trajectory of the Nigerian Naira. Hailing from the Ikwuano/Umuahia Federal Constituency in Abia state, Nwosu attributed the steady appreciation of the Naira in recent weeks to the decision of the federal government to suspend the operations of Binance in Nigeria.

In his appraisal, Nwosu commended the Central Bank of Nigeria (CBN) and the Office of the National Security Adviser for their proactive measures in addressing what he described as Binance’s detrimental impact on the Nigerian economy.

During an interview with Legit on Saturday, Nwosu expressed his approval of the government’s move, stating, “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.”

Reflecting on a personal encounter with a currency changer, Nwosu recounted, “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’.”

Expounding further, Nwosu highlighted key factors essential for sustaining the appreciation of the Naira, including productivity, increased exports, and consistent electricity supply. He emphasized the significant impact of uninterrupted electricity on the economy and the nation as a whole.

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