Naira would have become worthless without reforms – Tinubu

President Bola Tinubu. Photo: State House

President Bola Tinubu has defended the performance of the naira under his administration.

Tinubu argued that the currency would have lost virtually all its value without his government’s foreign exchange reforms.

The president made the remarks on Friday at the All Progressives Congress presidential campaign rally in Akwa Ibom State.

He dismissed criticism over the naira’s depreciation against the US dollar.

He described the naira, currently trading at about N1,300 to a dollar, as still valuable, arguing that the situation could have been worse without the decision to unify the country’s multiple exchange rates.

“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.

“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 said.

Tinubu announced the unification of Nigeria’s multiple foreign exchange rates in June 2023, shortly after assuming office.

The policy was part of his administration’s efforts to reform the foreign exchange market and narrow the gap between the official and parallel market rates.

The naira subsequently depreciated sharply, moving from about N750 to the dollar to around N1,900 before recovering to approximately N1,300, according to Tinubu.

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