President Bola Tinubu has defended his administration’s exchange rate policy, insisting that the naira would have become completely worthless without the decision to unify Nigeria’s exchange rates.
Speaking at an All Progressives Congress (APC) presidential campaign rally in Akwa Ibom on Friday, Tinubu dismissed concerns over the currency’s depreciation, arguing that its current value of about N1,300 to the dollar was still worth something.
He claimed that without the policy introduced shortly after he assumed office in 2023, Nigerians would have needed wheelbarrows to transport money when shopping.
“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,” the president said.
Reacting to complaints about the naira’s decline, Tinubu added, “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 exchange rates days after taking office in 2023.
The policy triggered a sharp depreciation of the naira, which fell from approximately N750 to the dollar to around N1,900 before recovering to its current level of about N1,300.
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