President Bola Ahmed Tinubu recently addressed members of The Buhari Organisation (TBO) at the Presidential Villa in Abuja, where he discussed his administration's economic progress and future plans for Nigeria. He asserted that the Nigerian Naira had strengthened against the dollar under his watch, moving from ₦1,900/$ when he assumed office to ₦1,450/$ at present.

Tinubu attributed this shift to a stabilized economy, stating that his government had met its 2024 revenue target ahead of schedule without needing to borrow. He emphasized, “The economy has stabilised, nobody is trading a piece of paper for an exchange rate anymore,” and noted that access to foreign exchange no longer depended on personal connections.

However, a verification of these claims reveals inaccuracies regarding the exchange rate timeline and figures. Contrary to President Tinubu’s assertion, the Naira was not trading at ₦1,900 to $1 when he took office in May 2023. At that time, Nigeria operated a multiple exchange rate system, with the parallel market, which served a significant portion of the informal economy and personal transactions, reportedly trading around ₦750 to $1.

Photo Credit: Vanguard News

The dramatic depreciation of the Naira to approximately ₦1,800–₦1,900 to $1 in the parallel market occurred nearly a year into his term, specifically in February and March 2024. This severe weakening was a direct consequence of major economic reforms implemented by the new administration in mid-2023, including the removal of the fuel subsidy on May 29, 2023, and the subsequent unification of the exchange rate windows by the Central Bank of Nigeria (CBN) on June 14, 2023. Thus, the ₦1,900/$ rate was a result of his administration’s policies rather than the starting point of his tenure.

Furthermore, while the Naira has indeed shown appreciation from its lowest point in March 2024, President Tinubu's quoted figure of ₦1,450/$ for August 2025 is also factually incorrect. Reports for August 2025 indicate that the currency had strengthened to approximately ₦1,525 to $1, with the CBN reporting an official rate of ₦1,531.45 to $1 on August 29, 2025.

Photo Credit: Fact Check Africa

Despite these discrepancies in the reported exchange rate figures, President Tinubu reiterated his administration's unwavering commitment to revitalizing the economy, creating jobs, and ensuring food sovereignty through modernized agriculture. He announced an extensive mechanisation programme designed to establish agricultural centres, provide training schemes, and generate employment opportunities across the nation. The President also dismissed any concerns regarding the potential impact of United States President Donald Trump’s trade tariffs on Nigeria, affirming that his government was focused on building a stronger, diversified economy, largely driven by increasing non-oil revenue.

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 bid for re-election in 2027. In return, President Tinubu expressed his gratitude for their loyalty and reflected on his political partnership with the late former President Muhammadu Buhari, promising to immortalise him by building a “Buhari House.”