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 don defend how im government take handle naira, saying di currency for don lost almost all im value if e no unify Nigeria multiple exchange rates.
E talk on Friday at di All Progressives Congress (APC) presidential campaign rally for Uyo, Akwa Ibom State, ahead of di January 16, 2027 presidential election.
Tinubu talk say without di decision wey dem take on di day e enter office, Nigerians for need wheelbarrows to carry naira notes. E describe di currency, wey e talk say dey trade at about ₦1,300 to di dollar, as still get value.
"You're talking of N1,300 to a dollar. Huh, huh, it still has pocketable value," di President talk.
E announce di unification of di country multiple exchange rates for June 2023, shortly after e take office. Di naira come fall sharply, move from about ₦750 to di dollar to around ₦1,900 before e recover to roughly ₦1,300, according to di President.
Why e matter to ordinary Nigerians
Di exchange rate dey affect wetin Nigerians dey pay for imported goods, fuel, medicine and travel. A weaker naira dey push up prices for market, and many households don feel di squeeze since di reforms start.
Di reforms, wey also include removal of petrol subsidy, don draw continued public debate. Nigerians don dey contend with higher cost of living, exchange rate pressure and rising prices of goods and services, while Tinubu don repeatedly argue say di steps na im dem need to steady public finances.
For di rally, di President talk say im administration inherit a difficult economy. According to am, 27 of di country 36 governors dey struggle to pay salaries, pensions and gratuities when e assume office for May 2023.
E call di coming election consequential, saying im outcome go set di country direction.
"This coming election, January 16, 2027, is a consequential election. It will define the direction of this country," e talk.
Tinubu dey seek re-election and dem expect am to face 17 other presidential candidates for di race.
Wetin go happen next
Campaigning dey continue across di states ahead of di January 16, 2027 presidential election. Di debate over di reforms, and dia effect on prices and di naira, likely go stay for centre of di contest.
