Political analyst and public affairs commentator Professor Okey Ikechukwu has questioned the Federal Government’s claim that the naira’s recent stability reflects an improving economy, arguing that exchange rate stability alone does not translate into better living conditions for Nigerians.
Speaking on Arise News on Saturday, June 27, 2026, Ikechukwu said government officials have cited the naira’s relative stability in recent weeks as evidence that economic reforms are yielding results. However, he argued that stability at a significantly weakened exchange rate should not be regarded as a major achievement.
According to Ikechukwu, the true measure of economic progress is whether citizens enjoy lower living costs, stronger purchasing power, and improved standards of living. He noted that many Nigerians continue to struggle with rising food prices, transportation costs, and other essential expenses despite the reported stability in the foreign exchange market.
“But here is the counterargument from government. They are telling us that the naira has been stable for some weeks now. It’s not gone so bad,” he said.
He challenged that position with an analogy, adding, “If you are stable at the point of death, are you getting healthier?”
Ikechukwu maintained that economic performance should be judged by its impact on households and businesses, not by macroeconomic indicators alone.
