The Presidency has said the concerted efforts of the Yemi Cardoso-led Central Bank of Nigeria aimed at stabilizing the naira aligns with President Bola Tinubu’s “multi-faceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices.

It also vowed to continue its campaign against racketeers, urging Nigerians to expect a stronger naira that would reflect in a significant drop in the prices of essential commodities by the first quarter of 2025.

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, who said this, spoke against the backdrop of the recent series of measures rolled out by the central bank to halt the naira free fall and return the local currency to its fair value.

The CBN had rolled out several circulars and directives, leading to the rebound of the local currency from 1,900 naira to a dollar recorded in late February to nearly 1200 naira to a dollar on Tuesday at the parallel market.