The Lagos State Chapter of the All Progressives Congress (APC) has described China’s decision to accept the Nigerian Naira for transactions as a landmark in the country’s economic diplomacy and a significant boost to recovery efforts under President Bola Tinubu.
In a statement issued on Monday, the party’s spokesman, Seye Oladejo, said the development would ease Nigeria’s overdependence on the US dollar for international trade, providing immediate relief for businesses, importers, and manufacturers.
Oladejo noted that the policy would reduce pressure on the foreign exchange market, strengthen the Naira, and ensure greater economic stability, particularly given China’s position as 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,” he said.
The APC spokesman added that the move would encourage local producers to scale up production, knowing their goods could reach one of the world’s largest consumer markets without heavy reliance on the dollar.
The party further argued that China’s acceptance of the Naira would boost investor confidence, attract foreign direct investment, and align Nigeria with the global shift toward a multipolar financial system where emerging economies assert their currencies in trade.
Taking a swipe at the opposition, Oladejo said the policy “shatters their doomsday narrative,” stressing that under Tinubu, Nigeria is firmly on the path to economic recovery and growth.
The APC congratulated President Tinubu, the Central Bank of Nigeria, and the Ministry of Finance for what it called a “visionary achievement,” urging manufacturers, exporters, and financial institutions to maximise the benefits of the breakthrough.
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