In a speech delivered on Wednesday, September 3, 2025, President Bola Ahmed Tinubu claimed that the Naira was trading at ₦1,900 to $1 when he assumed office on May 29, 2023, and that it had since strengthened to ₦1,450 by August 2025.
However, an in-depth review of exchange rate data reveals this claim to be inaccurate on both counts.
1. What Was the Exchange Rate in May 2023?
At the time of President Tinubu’s inauguration, Nigeria operated a multiple exchange rate system.
Official Rate: At the Investors and Exporters (I&E) window, the official exchange rate hovered between ₦460 and ₦470 to $1. This was the rate used for most formal financial transactions and official inflows.
Parallel Market Rate: In the informal or black market, the dollar traded at around ₦750 to $1. This rate was more reflective of public access to foreign currency at the time.
There was no record official or unofficial of the Naira trading at ₦1,900 to $1 in May 2023.
2. How Did the ₦1,900 Rate Come About?
The steep devaluation of the Naira to around ₦1,900 to $1 occurred after Tinubu assumed office. It followed major economic reforms:
Fuel Subsidy Removal: Announced on May 29, 2023, leading to immediate economic shifts.
Exchange Rate Unification: On June 14, 2023, the Central Bank of Nigeria unified multiple exchange windows, allowing market forces greater influence over the Naira’s value.
These reforms have triggered significant volatility in the currency market. By early 2024, particularly in February and March, the parallel market rate reached historic lows of ₦1,800–₦1,900 to $1. This was not the condition inherited, but one that developed under Tinubu’s leadership.
3. What Was the Rate in August 2025?
President Tinubu’s claim that the Naira had strengthened to ₦1,450 to $1 by August 2025 is partially true in spirit but inaccurate in detail.
Central Bank Rate (CBN): As of August 29, 2025, the official rate stood at ₦1,531.45 to $1.
Parallel Market Rate: Slightly stronger, trading around ₦1,525 to $1.
While this shows significant recovery from its lowest point, it does not support the president’s figure of ₦1,450.
Conclusion:
President Tinubu’s statements on the exchange rate are factually incorrect:
The Naira was not at ₦1,900 to $1 in May 2023 it was substantially stronger.
The ₦1,900 rate emerged nearly a year into his presidency due to reforms initiated by his administration.
The August 2025 figure of ₦1,450 to $1 is overstated, with actual rates closer to ₦1,525–₦1,531.
Verdict: FALSE on both claims.
