President Bola Ahmed Tinubu recently asserted that the Nigerian Naira has significantly strengthened against the US dollar under his administration. Speaking to members of The Buhari Organisation (TBO) in Abuja, President Tinubu claimed the exchange rate had moved from N1,900 per dollar when he assumed office to N1,450 per dollar at the time of his address. He attributed this development to a stabilised economy, highlighting that the 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 stated, further adding, "You don’t have to know Cardoso before you get your foreign exchange."

Beyond currency matters, the President reiterated his administration's commitment to economic improvements, job creation, and achieving food sovereignty through modernised agriculture. He announced plans for a large-scale mechanisation programme, which would include establishing agricultural centres, providing training schemes, and generating employment opportunities across the nation. Dismissing concerns regarding potential trade tariffs from former United States President Donald Trump, Tinubu affirmed his government's focus on building a robust and diversified economy. "If non-oil revenue is going where it is going, then have no fear of whatever Trump is doing on the other side," he assured his guests. 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, for which Tinubu expressed gratitude, also promising to immortalise former President Muhammadu Buhari with a dedicated "Buhari House."

However, an independent verification of President Tinubu's claims regarding the Naira's exchange rate trajectory reveals significant discrepancies. While President Tinubu stated that the exchange rate was N1,900 to $1 upon his inauguration on May 29, 2023, and improved to N1,450 by August 2025, the factual timeline and figures differ considerably.

At the time of President Tinubu’s inauguration in May 2023, Nigeria operated under a multiple exchange rate system. The parallel market, which was widely used for informal and personal transactions, saw the Naira trading at approximately N750 to $1, a stark contrast to the N1,900 figure cited by the President as his starting point.

The dramatic depreciation of the Naira to the N1,800–N1,900 to $1 range did not occur at the beginning of his tenure. Instead, this weakening was a direct consequence of key economic reforms implemented by the new administration 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 its all-time low of approximately N1,800–N1,900 to $1 in the parallel market only in February and March 2024, nearly a year into President Tinubu’s term. Therefore, the N1,900 to $1 rate was a result of his administration’s policies, not the initial exchange rate.

Furthermore, President Tinubu's claim of the Naira strengthening to N1,450 to $1 by August 2025, while reflecting a period of appreciation from its low point in March 2024, is also factually incorrect. Reports for August 2025 indicated that the Naira had strengthened to approximately N1,525 to $1, with the CBN reporting a rate of N1,531.45 to $1 on August 29, 2025. This figure, though demonstrating significant recovery, deviates from the value stated by the President.

In conclusion, the verification found President Tinubu’s assertion that the Naira was trading at N1,900 to $1 when he took office in May 2023 to be FALSE, as the actual parallel market rate was significantly lower. The N1,900 mark was reached much later due to his administration's reforms. Additionally, his quoted exchange rate of N1,450 to $1 for August 2025 was also FALSE, with the actual rate being higher at around N1,525 to $1.