“When I Became President In 2023, $1 Exchanged For N1,900; It’s Now N1,450” – Tinubu Falsely Claims

President Bola Ahmed Tinubu declared that Nigeria’s economy is showing signs of stability, highlighting a recovery in the naira against the United States dollar.

Speaking at a recent event in Abuja, the president said, “The economy has stabilized, nobody is trading a piece of paper for an exchange rate anymore.

“When I took over, it was N1,900 to a dollar, it’s N1,450 now.

“It’s been stabilizing there, you don’t have to know Cardoso before you get your foreign exchange,” referring to Central Bank Governor Olayemi Cardoso.

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However, on Tuesday, the statement appears to contradict historical exchange rate data. Contrary to his claim, prior to May 29, 2023, the official exchange rate was approximately ₦720 to $1.

Following his inauguration and the announcement that the fuel subsidy was removed, the naira’s value more than doubled, plummeting to over ₦1,900 to the dollar within weeks.

The sharp depreciation raised concerns over the immediate economic impact of policy changes on businesses and households.

In recent months, the Central Bank of Nigeria intervened to stabilize the naira, selling dollars at ₦1,450 to retail bureaux in a bid to curb market volatility.

Despite these measures, analysts argue that the currency has continued to experience fluctuations, and describing it as “stabilized” may not accurately reflect ongoing market realities.

Economists warn that while fiscal and monetary interventions have provided temporary relief, the naira’s trajectory remains fragile.

The post “When I Became President In 2023, $1 Exchanged For N1,900; It’s Now N1,450” – Tinubu Falsely Claims appeared first on Information Nigeria.