President Bola Ahmed Tinubu recently asserted that the Nigerian Naira has significantly strengthened against the US Dollar under his administration, moving from N1,900/$ when he assumed office to N1,450/$ at present. Speaking on Tuesday to members of The Buhari Organisation (TBO) at the Presidential Villa in Abuja, President Tinubu claimed this reflected a stabilised economy, highlighting that the government was meeting its 2024 revenue target ahead of schedule without resorting to borrowing. He stated, “The economy has stabilised, nobody is trading a piece of paper for an exchange rate anymore.” He further reiterated, “When I took over, it was N1,900 to a dollar. It’s N1,450 now. It’s been stabilising there. You don’t have to know Cardoso before you get your foreign exchange.”

During his address, President Tinubu also outlined his administration's commitment to revitalizing the economy, fostering job creation, and achieving food sovereignty through extensive agricultural modernization. He announced plans for a large-scale mechanisation programme, which includes the establishment of agricultural centres, implementation of training schemes, and the generation of employment opportunities across the nation. Furthermore, the President dismissed concerns regarding the potential impact of United States President Donald Trump’s trade tariffs on Nigeria, emphasizing his government's focus on building a robust, diversified economy driven by non-oil revenue, assuring his guests there was “no fear of whatever Trump is doing on the other side.”

The TBO delegation, led by former Nasarawa State Governor Tanko Al-Makura and House of Representatives Speaker Abbas Tajudeen, expressed their unwavering "unconditional support" for President Tinubu’s administration and his anticipated 2027 re-election campaign. President Tinubu acknowledged their loyalty and fondly recalled his political alliance with the late former President Muhammadu Buhari, promising to immortalize him by establishing a “Buhari House.”

However, an independent verification of President Tinubu’s claims regarding the Naira's exchange rate reveals significant discrepancies with the actual market data and historical timelines. While the President spoke of an improvement, the specific figures and initial conditions he cited do not align with official records.

At the time of President Tinubu’s inauguration on May 29, 2023, Nigeria operated a complex multiple exchange rate system. The official rate at the Central Bank of Nigeria’s (CBN) Investors and Exporters (I&E) window was a managed float, distinct from the parallel or black market rate. Critically, the parallel market, which was widely used for informal and personal transactions, traded at a considerably stronger rate of approximately ₦750 to $1, not ₦1,900 to $1 as claimed by the President.

The dramatic depreciation of the Naira to the ₦1,900 to $1 mark did not occur in May 2023. Instead, it was a direct consequence of significant economic reforms initiated by the new administration in mid-2023. Following the removal of the fuel subsidy on May 29, 2023, and the subsequent unification of the exchange rate windows by the CBN on June 14, 2023, the Naira experienced a sharp devaluation. The currency's value continued to weaken throughout the latter half of 2023 and into early 2024. It was only in February and March 2024, nearly a year into President Tinubu's term, that the Naira reached its all-time low, trading at approximately ₦1,800–₦1,900 to $1 in the parallel market. Therefore, the rate of ₦1,900 to $1 was a result of the administration’s policies, not the starting exchange rate when he took office.

Furthermore, President Tinubu’s quoted figure for the Naira’s exchange rate in August 2025 – ₦1,450 to $1 – is also inaccurate, although the currency had indeed appreciated from its lowest point in March 2024. Reports for August 2025 indicate that the Naira had strengthened to approximately ₦1,525 to $1, with the CBN specifically reporting a rate of ₦1,531.45 to $1 on August 29, 2025. This figure, while demonstrating significant recovery, differs from the President’s stated value.

In conclusion, the verification verdict confirms that President Tinubu’s claim that the Naira was trading at ₦1,900 to $1 when he assumed office in May 2023 is FALSE. The currency's value was significantly stronger at that time. Moreover, the ₦1,900 mark was only reached nearly a year into his term following his administration’s economic reforms. Additionally, the claimed exchange rate for August 2025 (₦1,450/$) is also FALSE, with actual reported rates closer to ₦1,525-₦1,531/$.