Tinubu defends naira reforms, says currency would have lost all value
- President Tinubu said the naira would have become worthless without his foreign exchange reforms.
- He spoke at the APC presidential rally in Uyo, Akwa Ibom, ahead of the January 2027 election.
- The naira trades at about ₦1,300 to the dollar, after peaking near ₦1,900, he said.
President Bola Tinubu has defended his government's handling of the naira, saying the currency would have lost almost all its value if he had not unified Nigeria's multiple exchange rates.
He spoke on Friday at the All Progressives Congress (APC) presidential campaign rally in Uyo, Akwa Ibom State, ahead of the January 16, 2027 presidential election.
Tinubu said that without the decision taken on the day he took office, Nigerians would need wheelbarrows to carry naira notes. He described the currency, which he said trades at about ₦1,300 to the dollar, as still holding value.
"You're talking of N1,300 to a dollar. Huh, huh, it still has pocketable value," the President said.
He announced the unification of the country's multiple exchange rates in June 2023, shortly after taking office. The naira then fell sharply, moving from about ₦750 to the dollar to around ₦1,900 before recovering to roughly ₦1,300, according to the President.
Why it matters to ordinary Nigerians
The exchange rate affects what Nigerians pay for imported goods, fuel, medicine and travel. A weaker naira pushes up prices in the market, and many households have felt the squeeze since the reforms began.
The reforms, which also included the removal of the petrol subsidy, have drawn continued public debate. Nigerians have contended with a higher cost of living, exchange rate pressure and rising prices of goods and services, while Tinubu has repeatedly argued the steps were needed to steady public finances.
At the rally, the President said his administration inherited a difficult economy. According to him, 27 of the country's 36 governors were struggling to pay salaries, pensions and gratuities when he assumed office in May 2023.
He called the coming election consequential, saying its outcome would set the country's direction.
"This coming election, January 16, 2027, is a consequential election. It will define the direction of this country," he said.
Tinubu is seeking re-election and is expected to face 17 other presidential candidates in the race.
What happens next
Campaigning continues across the states ahead of the January 16, 2027 presidential election. The debate over the reforms, and their effect on prices and the naira, is likely to stay at the centre of the contest.
