President Bola Ahmed Tinubu recently addressed members of The Buhari Organisation (TBO) at the Presidential Villa in Abuja, where he asserted that the Nigerian Naira had significantly strengthened under his administration. He claimed the exchange rate had moved from N1,900 to a dollar when he assumed office to N1,450 presently. This development, according to President Tinubu, reflects a stabilized economy, with the government reportedly meeting its 2024 revenue target ahead of schedule without the need for borrowing. He declared that "nobody is trading a piece of paper for an exchange rate anymore" and that foreign exchange access no longer requires personal connections.

During his address, President Tinubu reiterated his administration's commitment to revitalizing the economy, fostering job creation, and ensuring food sovereignty through modernized agriculture. He announced plans for a comprehensive mechanization program designed to establish agricultural centres, offer training schemes, and generate employment opportunities across the nation. Furthermore, the President dismissed any potential concerns regarding the impact of United States President Donald Trump’s trade tariffs on Nigeria, emphasizing his government's focus on building a stronger, diversified economy, particularly by boosting non-oil revenue.

The delegation from The Buhari Organisation, led by former Nasarawa State Governor Tanko Al-Makura and House of Representatives Speaker Abbas Tajudeen, pledged their unwavering support for Tinubu’s administration and his bid for re-election in 2027. President Tinubu expressed gratitude for their loyalty, reminiscing about his political partnership with the late former President Muhammadu Buhari, and promised to immortalize him by establishing a "Buhari House."

However, a verification of President Tinubu’s claims regarding the Naira's exchange rate figures reveals inaccuracies. President Tinubu stated on Wednesday, September 3, 2025, that the exchange rate was ₦1,900 to $1 when he took office on May 29, 2023, and had improved to ₦1,450 by August 2025.

Upon review, the claim that the Naira was trading at ₦1,900 to $1 at his inauguration in May 2023 is false. At that time, Nigeria operated a multiple exchange rate system, with the official rate at the Central Bank of Nigeria's Investors and Exporters (I&E) window being a managed float, distinct from the parallel market rate, which was around ₦750 to $1. The dramatic depreciation of the Naira to ₦1,900 to $1 occurred much later, in February and March 2024. This significant devaluation was a direct consequence of key economic reforms implemented by the new administration, specifically the removal of the fuel subsidy on May 29, 2023, and the unification of exchange rate windows by the CBN on June 14, 2023. Therefore, the ₦1,900/$ mark was reached nearly a year into his term, as a result of his administration's policies, not as the starting point.

Furthermore, President Tinubu's quoted figure of ₦1,450 to $1 for August 2025 is also inaccurate. While the Naira has indeed appreciated from its low point in March 2024, reported data for August 2025 indicates the rate was approximately ₦1,525 to $1, with the CBN reporting a rate of ₦1,531.45 to $1 on August 29, 2025. Although this figure demonstrates a significant recovery, it differs from the value claimed by the President.

In conclusion, President Tinubu’s claim that the Naira was trading at ₦1,900 to $1 when he assumed office in May 2023 is false, as is his stated exchange rate of ₦1,450 to $1 for August 2025. The ₦1,900 mark was reached nearly a year into his tenure due to his administration's policies, and the Naira's actual rate in August 2025, while showing recovery, was higher than the figure he cited.