Photo caption: Naira notes
The Lagos State Chapter of the All Progressives Congress has described China’s decision to accept the Nigerian Naira for transactions as a milestone in the country’s economic diplomacy and a boost to recovery efforts under President Bola Tinubu.
In a statement issued on Monday, the party’s spokesman, Seye Oladejo, said the policy would ease Nigeria’s overdependence on the US dollar for international trade, providing immediate relief for businesses, importers, and manufacturers.
According to him, the move will reduce pressure on the foreign exchange market, strengthen the Naira, and ensure greater economic stability.
“China remains one of Nigeria’s largest trading partners.
“The ability to settle transactions directly in Naira means lower costs, faster payments, and improved ease of doing business.
“It will also make imports of essential goods, machinery, and technology cheaper while opening wider access for Nigerian exports into Chinese markets,” Oladejo said.
He added that the policy would encourage local producers to scale up production, knowing their goods could now access one of the world’s largest consumer markets without heavy dollar dependence.
The APC further argued that China’s acceptance of the Naira would boost investor confidence globally, attract new foreign direct investments, and align Nigeria with the global shift towards a multipolar financial system where emerging economies assert their currencies in trade.
Taking a swipe at the opposition, Oladejo said the development “shatters their doomsday narrative,” stressing that under Tinubu, Nigeria is firmly on the path to economic recovery and growth.
The party congratulated President Tinubu, the Central Bank of Nigeria, and the Ministry of Finance for what it called a “visionary achievement,” urging manufacturers, traders, exporters, and financial institutions to maximise the benefits of the breakthrough.
