President Bola Ahmed Tinubu recently asserted that the Nigerian Naira had considerably strengthened against the U.S. dollar under his leadership, moving from an alleged N1,900/$ when he assumed office to N1,450/$ currently. Speaking to members of The Buhari Organisation (TBO) at the Presidential Villa in Abuja, President Tinubu claimed this reflected a stabilised economy, with his government reportedly meeting its 2024 revenue targets ahead of schedule without resorting to borrowing. He stated that the era of trading a piece of paper for an exchange rate was over and that obtaining foreign exchange no longer required knowing the Central Bank Governor, Cardoso.

However, an independent verification of these claims has revealed significant discrepancies. President Tinubu's assertion that the exchange rate stood at N1,900 to $1 when he took office on May 29, 2023, is factually incorrect.

At the time of President Tinubu’s inauguration, Nigeria was operating a 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, while the parallel or black market rate, which served a large portion of the informal economy, was approximately N750 to $1. The dramatic depreciation of the Naira to N1,900 to $1 did not occur in 2023, but rather in February and March 2024. This was a direct consequence of key economic reforms implemented by his administration in mid-2023, including the removal of fuel subsidies and the unification of exchange rate windows by the CBN. Therefore, the N1,900 mark was a result of his administration's policies, not the starting point.

Furthermore, President Tinubu's claim of the Naira strengthening to N1,450 to $1 by August 2025 is also inaccurate. While the currency did appreciate from its low point in March 2024, reports for August 2025 indicated the rate was approximately N1,525 to $1, with the CBN reporting a rate of N1,531.45 to $1 on August 29, 2025. The overall verdict is that both the starting and claimed current exchange rate figures provided by President Tinubu were false.

Beyond the currency claims, President Tinubu reiterated his administration’s commitment to bolstering the economy, creating employment opportunities, and ensuring food sovereignty through modernised agriculture. He also announced a comprehensive mechanisation programme aimed at establishing agricultural centres, providing training schemes, and generating jobs nationwide.

The President also dismissed concerns regarding the potential impact of United States President Donald Trump’s trade tariffs on Nigeria, asserting that his government was actively building a stronger, diversified economy. He emphasized that with non-oil revenue streams growing, there was no need to fear any actions taken by Trump.

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