Naira would have become worthless without reforms – Tinubu
President Bola Tinubu has defended the performance of the naira under his administration. Tinubu argued that the currency would have lost virtually all its value without his government’s foreign exchange reforms. Read More: https://punchng.com/naira-would-have-become-worthless-without-reforms-tinubu/
President Bola Tinubu has defended the performance of Nigeria's currency, the naira, under his administration. He stated that the naira would have become virtually worthless without the foreign exchange reforms implemented by his government. The president made these remarks on Friday at an All Progressives Congress presidential campaign rally in Akwa Ibom State.
Tinubu dismissed criticism over the naira's depreciation against the US dollar, describing it as still valuable despite the current exchange rate of about N1,300 to a dollar. He emphasized that the situation could have been far worse if the government had not unified the country's multiple exchange rates. Tinubu announced the unification of Nigeria's foreign exchange rates in June 2023 as part of his administration's efforts to reform the foreign exchange market and reduce the disparity between official and parallel market rates.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
