The Nigerian government asserts that the naira has finally settled at its accurate market value thanks to currency reforms enacted by President Bola Tinubu. Bayo Onanuga, the Special Adviser to the President on Information and Strategy, shared this perspective during an appearance on Arise Television on Tuesday.
Onanuga explained that the currency was previously hindered by an artificial exchange rate system that encouraged illicit arbitrage between official and black market channels. At the beginning of the current administration, the official rate was approximately N400 per dollar, a figure he argues did not represent reality. By liberalizing the foreign exchange sector, the administration enabled the naira to reach a more transparent valuation.
Referencing recent assessments from the International Monetary Fund, Onanuga noted that the institution suggested a fair value of N1,100 per dollar, even as current trading fluctuates above N1,300. He expressed optimism that the currency will strengthen further over time. Additionally, he highlighted that government policies since 2023 have benefited the domestic stock market, resulting in wealth creation for roughly 6 million Nigerian shareholders.
