President Bola Tinubu says the naira is no longer tied to crude oil price fluctuations, following foreign exchange reforms introduced under his administration.
The President made this known in his 65th Independence Day broadcast on Wednesday, noting that recent reforms have helped stabilise the currency against other foreign currencies.
According to him, the gap between the official exchange rate and the parallel market has narrowed significantly, aided by fresh capital inflows and diaspora remittances.
“The naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows.
“The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude price,” Tinubu said.
