President Bola Ahmed Tinubu recently addressed members of The Buhari Organisation (TBO) in Abuja, claiming that the Nigerian Naira had significantly strengthened under his administration. He stated that the exchange rate moved from N1,900 to the dollar when he assumed office to N1,450 presently, reflecting a stabilized economy that met its 2024 revenue target without borrowing. Tinubu emphasized that the economy had stabilized and there was no longer a need to know specific individuals to access foreign exchange.

However, a verification of these claims presented a different picture regarding the Naira's exchange rate trajectory. According to reports, President Tinubu’s assertion that the Naira was at N1,900 to $1 upon his inauguration in May 2023 is false. At that time, Nigeria operated a multiple exchange rate system, with the official rate managed by the Central Bank of Nigeria (CBN) and the parallel market trading around N750 to $1.

The dramatic depreciation of the Naira to approximately N1,800-N1,900 to $1 occurred much later, in February and March 2024. This significant devaluation was a direct consequence of key economic reforms implemented by his administration in mid-2023, 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 N1,900 mark was a result of his administration's policies, not the starting point.

Furthermore, while the Naira did show signs of strengthening from its low point in March 2024, President Tinubu's quoted figure of N1,450 to $1 for August 2025 was also found to be inaccurate. Reports indicated 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, which, while a recovery, differed from his claim.

Beyond the exchange rate, President Tinubu reiterated his administration's commitment to fixing the economy, creating jobs, and ensuring food sovereignty through modernized agriculture. He announced a comprehensive mechanization program designed to establish agricultural centers, provide training, and generate employment nationwide. The President also dismissed concerns about the potential impact of United States President Donald Trump’s trade tariffs on Nigeria, asserting his government's focus on building a stronger, diversified economy driven by 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 unconditional support for Tinubu’s administration and his bid for re-election in 2027. In response, Tinubu expressed gratitude for their loyalty and reflected on his political partnership with the late former President Muhammadu Buhari, promising to immortalize him by establishing a “Buhari House.”