Obinna Nwosu Shares Thoughts on Appreciation of Naira and Binance Suspension

In a recent interview with House of Representatives candidate Obinna Nwosu, he shared his insights on the recent appreciation of the Naira. Nwosu, who represents Ikwuano/Umuahia Federal Constituency in Abia state, credited the federal government’s decision to suspend the operation of Binance in Nigeria as a key factor in the Naira’s value increase.

He commended the Central Bank of Nigeria (CBN) and the Office of the National Security Adviser for taking action against Binance, which he described as a tool for economic sabotage. Nwosu highlighted the importance of regulating platforms like Binance to prevent speculators from devaluing the Naira without economic backing.

Nwosu also shared a personal experience with a currency changer who was using Binance to check exchange rates, leading him to predict a drastic devaluation of the dollar if action was not taken. He emphasized the need for factors like productivity, increased exports, and constant electricity supply to continue supporting the appreciation of the Naira.

The politician stressed the importance of constant electricity supply in boosting the economy and benefiting the nation as a whole. As the Naira continues to appreciate, Nwosu’s insights shed light on the role of government actions in stabilizing the currency’s value.

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