N452/N456 (updated 21.10.16:noon)
buying/selling naira exchange rates per USD
Friday, 2 September 2016

The All Progressives Congress (APC) has praised president Muhammadu Buhari despite Nigeria's slump into economic recession and depreciation of naira value in the forex market.

In a statement signed on Thursday 1 September by APC scribe Mai Mala Buni, the party said:
"The President Muhammadu Buhari administration has embarked on well- thought economic agendas, policy actions, appropriate fiscal, governance, and socio-political reforms to revamp the economy and tackle the nation’s current challenges in the short to long term.

"Under the new flexible foreign exchange policy introduced by the Central Bank of Nigeria (CBN) in June 2016, we now have a single market-determined exchange rate which enables suppliers of foreign currencies to bring in their money and take the same out at market-determined rates.

"As contained in the assented 2016 National Budget, the administration of President Muhammadu Buhari is aggressively formulating and implementing policies aimed at diversifying Nigeria’s economy from oil to other sectors such as agriculture, mining and manufacturing.

"The administration is also proactively tackling increased attacks on oil facilities in the Niger Delta region which has led to disruptions in crude production.

"The President’s shuttle diplomacy has yielded positive effects on the country’s economic policies. As a result, several agreements concluded during the visits are positively impacting on key sectors of the Nigerian economy including power, solid minerals, agriculture, housing and rail transportation.

"The fight against corruption remains a top priority for the President Buhari APC-led administration. In spite of desperate attempts by some partisans to discredit anti-corruption efforts in some quarters, the war against corruption is being won and has been well-received and supported. The generality of Nigerians agree that the days of impunity are over.

"Through the full implementation of the Treasury Single Account (TSA) by the President Muhammadu Buhari APC-led administration, revenue leakages have been greatly plugged.

"The new petroleum products supply and pricing framework which eliminated corruption-tainted subsidy payments has among others greatly solved fuel scarcities by ensuring availability of products at all locations in the country; reduced hoarding, smuggling and diversion substantially and stabilise price at the actual product price; encouraged investments in both Refineries and Retails; provided Government more revenue to address social and infrastructural needs of the country.

"In line with the critical infrastructural focus of the President Muhammadu Buhari administration, an unprecedented 30 per cent of 2016 budgetary provision has been committed to capital projects.

"As the administration works assiduously to build a new solid foundation, credible image and pull the country out of the present hardships, the APC appeals for patience and cooperation from Nigerians."
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