The Lagos State branch of the All Progressives Congress (APC) has hailed China’s decision to accept the Nigerian naira for transactions as a pivotal moment in Nigeria’s economic diplomacy and a significant enhancement of the nation’s recovery efforts under President Bola Tinubu.
In a statement issued Monday, APC spokesperson Seye Oladejo noted that the move is expected to reduce Nigeria’s reliance on the US dollar for international trade, offering immediate relief to businesses, importers, and manufacturers.
He asserted that this development should ease pressure on the foreign exchange market, strengthen the naira, and contribute to macroeconomic stability.
“China remains one of Nigeria’s largest trading partners. The ability to settle transactions directly in naira means lower costs, faster payments, and smoother business operations. It will also decrease the cost of importing essential goods, machinery, and technology, while expanding opportunities for Nigerian exporters in Chinese markets,” Oladejo explained.
He further highlighted that the policy would encourage domestic producers to ramp up output, assured by the broader access to one of the world’s largest consumer markets, now available without heavy reliance on the dollar.
Additionally, the APC believes that China’s acceptance of the naira will bolster global investor confidence, attract foreign direct investment, and align Nigeria with a growing global system in which emerging economies use their native currencies more extensively in trade.
Taking aim at critics, Oladejo said the announcement “shatters their doomsday narrative,” underlining that under President Tinubu’s leadership, Nigeria is clearly on a path toward economic recovery and growth.
He extended congratulations to President Tinubu, the Central Bank of Nigeria, and the Ministry of Finance for what he termed a “visionary achievement,” and urged manufacturers, traders, exporters, and financial institutions to seize the benefits of this breakthrough.
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