The Lagos State Chapter of the All Progressives Congress APC has described China’s decision to accept the Nigerian Naira for transactions as a milestone in the country’s economic diplomacy under President Bola Tinubu regime.
The party’s spokesman, Hon. Olaseye Oladejo, said the policy would ease Nigeria’s overdependence on the US dollar for international trade, providing immediate relief for businesses, importers, and manufacturers. He said that the move will reduce pressure on the foreign exchange market, strengthen the Naira, and ensure greater economic stability.
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.
PUNCH/Deborah Olayiwola
