President Bola Ahmed Tinubu recently claimed that the Nigerian Naira had significantly strengthened against the US Dollar under his administration. During a reception for members of The Buhari Organisation (TBO) at the Presidential Villa in Abuja, President Tinubu stated that the exchange rate, which was ₦1,900 to a dollar when he assumed office, had improved to ₦1,450 to a dollar. He asserted that this development reflected a stabilised economy, highlighting that his government had met its 2024 revenue target ahead of schedule without resorting to borrowing. "The economy has stabilised, nobody is trading a piece of paper for an exchange rate anymore," Tinubu remarked, adding, "You don’t have to know Cardoso before you get your foreign exchange."

Beyond exchange rate claims, President Tinubu reiterated his administration's commitment to economic recovery, job creation, and ensuring food sovereignty through modernised agriculture. He announced plans for a massive mechanisation programme, which would include establishing agricultural centres, providing training schemes, and generating employment opportunities nationwide. The President also 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 stronger, diversified economy. He confidently stated, "If non-oil revenue is going where it is going, then have no fear of whatever Trump is doing on the other side."

However, an independent verification of President Tinubu’s claims regarding the Naira’s exchange rate revealed significant inaccuracies. While Tinubu asserted that the Naira was ₦1,900 to $1 when he took office on May 29, 2023, and had improved to ₦1,450 by August 2025, the verification found this to be false. At the time of his inauguration in May 2023, Nigeria operated a multiple exchange rate system, with the official rate being a managed float and the parallel market trading around ₦750 to $1.

The dramatic depreciation of the Naira to ₦1,900 to $1 did not occur in May 2023. Instead, this low point was a direct consequence of key economic reforms implemented by the new administration itself in mid-2023, specifically the removal of the fuel subsidy on May 29, 2023, and the subsequent unification of the exchange rate windows by the Central Bank of Nigeria (CBN) on June 14, 2023. The Naira’s value continued to weaken, reaching approximately ₦1,800–₦1,900 to $1 in the parallel market only in February and March 2024, nearly a year into his term. Therefore, the ₦1,900 to $1 rate was a result of the administration’s policies, not its starting point.

Furthermore, the claimed exchange rate for August 2025 was also found to be inaccurate. While the Naira had indeed appreciated from its low point in March 2024, reported data for August 2025 indicated that the rate was not ₦1,450 to $1. Instead, reports showed the Naira had strengthened to approximately ₦1,525 to $1, with the CBN reporting a rate of ₦1,531.45 to $1 on August 29, 2025. This figure, though showing significant recovery, differed from the President's stated value. The overall verdict concluded that President Tinubu’s claims regarding both the starting exchange rate in May 2023 and the August 2025 rate were false.

During the gathering, the delegation from The Buhari Organisation, led by former Nasarawa State Governor Tanko Al-Makura and House of Representatives Speaker Abbas Tajudeen, pledged their "unconditional support" for Tinubu’s administration and his 2027 re-election bid. President Tinubu expressed gratitude for their loyalty and reflected on his political partnership with the late former President Muhammadu Buhari, promising to immortalise him by building a "Buhari House."