President Bola Ahmed Tinubu has announced that the naira has regained stability following his administration’s far-reaching foreign exchange reforms, declaring an end to the era of multiple exchange rates and arbitrage.
In his Independence Anniversary broadcast on Wednesday, the President said the reforms have attracted fresh capital inflows and boosted remittances, narrowing the gap between the official and unofficial market rates.
According to him: “The naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows. The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.”
Tinubu stressed that the reforms were designed to eliminate distortions in the foreign exchange system and to reposition the economy for long-term growth. He noted that stabilising the naira was critical for boosting investor confidence, expanding trade, and protecting citizens from the shocks of currency volatility.
The President added that the government would continue to pursue policies that deepen transparency in the foreign exchange market while ensuring that fiscal and monetary stability translates into improved living standards for Nigerians.
