The Makinde-Daura Presidential Campaign Organisation has faulted President Bola Tinubu over claims surrounding the recent stabilisation of the naira, accusing his administration of seeking credit for an improvement in the exchange rate after economic policies that triggered a significant depreciation of the national currency.

The organisation expressed its position in a statement issued by its Director of Strategic Communications, Richard Nnanna Ihediwa, who argued that the recent gains in the foreign exchange market had done little to ease the economic hardship confronting Nigerians.

Ihediwa maintained that the President could not preside over a sharp decline in the purchasing power of the naira and subsequently seek public recognition for its partial recovery.

"Mr President, you cannot preside over the destruction of the purchasing power of our national currency and turn around to seek public applause," he said.

The campaign organisation recalled that the official exchange rate was approximately ₦461 to the dollar when Tinubu assumed office in May 2023.

However, it noted that following the removal of the petrol subsidy and the unification of the foreign exchange windows, the naira experienced a sharp depreciation, at one point approaching ₦2,000 to the dollar.

It also questioned the President's description of the exchange rate stabilising around ₦1,340 to the dollar as manageable or "pocketable", insisting that such an assessment overlooked the financial difficulties faced by ordinary Nigerians.

According to the organisation, the apparent improvement in the exchange rate has not translated into corresponding relief for households struggling with rising food prices, expensive medication and the increasing cost of basic necessities.

It argued that economic recovery should not be measured solely by movements in the exchange rate but also by improvements in citizens' purchasing power and their ability to meet everyday financial obligations.