President Bola Ahmed Tinubu has declared that the value of the naira is no longer tied to crude oil price movements, crediting recent foreign exchange reforms for stabilizing the local currency.
In his address to the nation on Nigeria’s 65th Independence Anniversary on Wednesday, Tinubu said his administration’s policies have narrowed the gap between the official and parallel market rates while attracting new inflows of capital and remittances.
“The naira has stabilized from the turbulence and volatility witnessed in 2023 and 2024,” Tinubu said. “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 price.”
As of Tuesday, the naira closed at ₦1,475.35 to the U.S. dollar on the official market and ₦1,495 in the parallel market, according to Daily Post.
The administration’s foreign exchange reforms, introduced to unify rates and encourage transparency, have been key in addressing longstanding challenges in Nigeria’s currency market.
