The Lagos State chapter of the All Progressives Congress (APC) says China’s decision to accept the Nigerian naira for trade is a milestone for Nigeria’s economic diplomacy and a boost to recovery efforts under President Bola Tinubu.

In a statement on Monday, APC spokesperson Seye Oladejo said the move will cut Nigeria’s heavy reliance on the U.S. dollar for international transactions, offering quick relief to businesses, importers, and manufacturers. According to him, settling payments directly in naira should reduce pressure on the foreign-exchange market, support the currency, and improve overall stability.

“China remains one of Nigeria’s largest trading partners,” Oladejo noted. “The ability to settle transactions in naira means lower costs, faster payments, and better 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.”

Oladejo added that the policy could encourage local producers to scale up output, confident that their goods can reach a vast consumer market without dollar hurdles. He argued that global investor confidence would improve as well, drawing fresh foreign direct investment and aligning Nigeria with a more multipolar financial system in which emerging economies use their own currencies for trade.

Taking aim at the opposition, the APC spokesperson said the development “shatters their doomsday narrative,” insisting that under Tinubu, Nigeria is on a path to recovery and growth.

The party congratulated President Tinubu, the Central Bank of Nigeria, and the Ministry of Finance, calling the outcome “visionary,” and urged manufacturers, traders, exporters, and financial institutions to take full advantage of the policy.