Tinubu Defends Naira, Says Currency Would Have Become Worthless Without Forex Reforms

President Bola Tinubu has defended the performance of the naira under his administration, arguing that the currency would have lost virtually all its value without the Federal Government’s foreign exchange reforms.

Tinubu made the remarks on Friday at the All Progressives Congress presidential campaign rally in Akwa Ibom State, where he dismissed criticism over the naira’s depreciation against the US dollar.

Tinubu Defends Exchange Rate Reforms

The President described the naira, which he said was trading at about ₦1,300 to the dollar, as still having value. He maintained that the situation could have been worse if his administration had not unified the country's multiple exchange rates.

“If we didn’t take a decision on the day I took over, we would be using wheelbarrow to move our naira because it would have been valueless,” Tinubu said.

He added that the currency still had “pocketable value” compared with what he suggested could have happened without the reforms.

Naira's Movement Since 2023

Tinubu announced the unification of Nigeria’s multiple foreign exchange rates in June 2023, shortly after assuming office.

The policy was introduced as part of efforts to reform the foreign exchange market and reduce the gap between the official and parallel market rates.

Following the policy, the naira depreciated sharply, moving from about ₦750 to the dollar to around ₦1,900 before recovering to approximately ₦1,300, according to the President.

Tinubu’s comments come amid continued public debate over the impact of his administration’s economic reforms and the pressure of exchange rate movements on Nigerians.

Punch Newspapers