President Bola Ahmed Tinubu has claimed that the naira has strengthened under his administration, improving from N1,900/$ at the start of his tenure to N1,450/$ currently. The remarks were made during a meeting with members of The Buhari Organisation (TBO) at the Presidential Villa in Abuja on Tuesday.
According to the President, “The economy has stabilised, nobody is trading a piece of paper for an exchange rate anymore. When I took over, it was N1,900 to a dollar. It’s N1,450 now. It’s been stabilising there. You don’t have to know Cardoso before you get your foreign exchange.”
However, many Nigerians continue to face difficulties accessing foreign exchange at official rates. Reports from businesses and importers indicate persistent scarcity of dollars in the market, leading to continued reliance on parallel market rates that remain significantly higher than the official rate cited by the President.
Economists and market observers warn that while the naira may have nominally improved on paper, the reality for ordinary Nigerians, small businesses, and importers remains challenging, with inflationary pressures, rising costs of imported goods, and limited forex liquidity undermining claims of broad economic stability.
The statement raises questions about the disconnect between official narratives and the experiences of citizens navigating the daily realities of Nigeria’s currency and exchange system.
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