Daddy Freeze Applauds Tinubu Administration Over Naira's Recent Strengthening
Popular Nigerian media personality Daddy Freeze has publicly praised President Bola Ahmed Tinubu following a notable decline in the exchange rate of the naira against the US dollar. The broadcaster shared his personal experience after visiting a Bureau De Change, where he was informed that the dollar was trading at approximately N1,310, a rate he found unexpectedly low.
Attributing Gains to Government Policies
Daddy Freeze attributed this improvement to the economic policies implemented by the current administration under President Tinubu. He stated, "I would’ve made more money if I exchanged two weeks ago; it shows that this government is onto something." However, he emphasized that while the recent gains are commendable, stability in the exchange rate is more crucial for long-term economic health.
Concerns Over Exchange Rate Fluctuations
In his remarks, Daddy Freeze warned about the potential negative impacts of sudden spikes in the dollar-to-naira rate. He explained that constant fluctuations can severely damage businesses and deter investors. "If the dollar drops to 1300 and then jumps to 1500, or drops to 800 and jumps to 1200, it destroys businesses," he said. He appealed to the government to focus on maintaining a consistent rate, whether at N1,310 or even N1,500, to allow businesses to plan effectively.
Mixed Reactions from Nigerians
The broadcaster's comments have sparked diverse reactions among Nigerians. Some social media users expressed optimism, with one noting, "Dropping back to 700 would’ve made everyone happy sha," while others questioned the overall impact, asking about the exchange rate before Tinubu's administration. This division highlights ongoing public debate about the naira's performance and its effects on daily life.
Broader Economic Context and Predictions
This development comes amid broader economic discussions, including a prediction from business magnate Aliko Dangote, who forecasted that the naira could drop below N1,100 this year. Dangote credited Tinubu's policies for positive impacts on manufacturers and suggested that a lower exchange rate might lead to reduced prices for goods across Nigeria. The naira's recent fall below N1,400 per dollar has generated significant conversation, reflecting its importance in the national economy.
As the situation evolves, stakeholders continue to monitor exchange rate trends, balancing praise for short-term gains with calls for sustainable economic strategies to ensure stability and growth.
