Naira would have become worthless without reforms – Tinubu

President Bola Tinubu has defended the performance of the Nigerian naira under his administration, claiming that the currency would have become virtually worthless without his government's foreign exchange reforms. Speaking at an All Progressives Congress presidential campaign rally in Akwa Ibom State on Friday, the president dismissed criticism over the naira's depreciation against the US dollar, describing it as still valuable and noting that the situation could have been far worse without the decision to unify the country's multiple exchange rates.

Tinubu argued that had his administration not taken action on the day he assumed office, the naira would have been rendered valueless, requiring wheelbarrows to move it around. He pointed out that the current exchange rate of approximately N1,300 to a dollar still holds "pocketable value." "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 stated.

"You’re talking of N1,300 to a dollar. Huh, huh, it still has pocketable value. If we had left it, it would have been a wheelbarrow when you go to the tomato market."

The President announced the unification of Nigeria's multiple foreign exchange rates in June 2023, shortly after taking office. This policy was part of his administration's efforts to reform the foreign exchange market and reduce the disparity between the official and parallel market rates. According to Tinubu, the naira has experienced significant depreciation, moving from about N750 to the dollar in the past, before recovering to around N1,300.