President Bola Ahmed Tinubu recently asserted that the Nigerian Naira has significantly strengthened against the U.S. dollar under his administration, moving from N1,900/$ when he assumed office to N1,450/$ at present. This claim was made on Tuesday during a reception for members of The Buhari Organisation (TBO) at the Presidential Villa in Abuja. Tinubu stated that this development reflected a stabilised economy, highlighting that the government had met its 2024 revenue target ahead of schedule without resorting to borrowing.

Addressing the TBO delegation, a political group from the defunct Congress for Progressive Change (CPC), President Tinubu confidently declared, "The economy has stabilised, 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 stabilising there. You don’t have to know Cardoso before you get your foreign exchange." He reiterated his administration's commitment to economic recovery, job creation, and ensuring food sovereignty through modernised agriculture. A massive mechanisation programme, which includes establishing agricultural centres, training schemes, and nationwide employment opportunities, was also announced.

Furthermore, President Tinubu 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 assured his guests, "If non-oil revenue is going where it is going, then have 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, pledged their "unconditional support" for Tinubu’s administration and his 2027 re-election bid. In return, Tinubu expressed gratitude for their loyalty and remembered his political partnership with the late former President Muhammadu Buhari, promising to immortalise him by building a "Buhari House."

However, an independent verification conducted on President Tinubu’s claims revealed discrepancies. On Wednesday, September 3, 2025, President Tinubu had stated that the exchange rate was ₦1,900 to $1 on May 29, 2023, and had improved to ₦1,450 by August 2025.

The verification process highlighted that Nigeria operated a multiple exchange rate system at the time of President Tinubu’s inauguration in May 2023. 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 market rate, which was around ₦750 to $1. Therefore, the assertion that the Naira was ₦1,900 to $1 when he took office is inaccurate.

The dramatic depreciation of the Naira to the ₦1,900 to $1 mark did not occur in 2023. This significant weakening was a direct consequence of key economic reforms implemented by the new administration in mid-2023, specifically the removal of fuel subsidy on May 29, 2023, and the unification of exchange rate windows by the CBN on June 14, 2023. The currency continued to weaken throughout late 2023 and early 2024, reaching its all-time low of approximately ₦1,800–₦1,900 to $1 in the parallel market only in February and March 2024, nearly a year into his term. Thus, the ₦1,900 to $1 rate was a result of the administration’s policies, not the starting point.

Regarding the exchange rate in August 2025, while the Naira did appreciate from its low point in March 2024, President Tinubu’s quoted figure of ₦1,450 to $1 was also found to be inaccurate. Reports for August 2025 indicated that 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. Although this demonstrated a significant recovery, it differed from the president's claimed value.

The verification verdict concluded that President Tinubu’s claim that the Naira was trading at ₦1,900 to $1 when he took office in May 2023 is FALSE, as the currency’s value was more than double that figure at the time. The ₦1,900 mark was reached nearly a year into his term, following his administration’s economic reforms. Furthermore, his claimed exchange rate for August 2025 was also FALSE, though the currency had shown recovery.