Issues · Economy
CBN unified multiple FX windows in June 2023; naira lost ~70% of value against USD by mid-2024. Significant capital flight from the parallel market; CBN reserves stabilised after IMF/World Bank engagement. Inflation crossed 30% in 2024.
In Tinubu's words“We will defend the naira through productive capacity, not through artificial pegs.”
Presidential address to joint session of NASS, June 2023.
Policy position
Continue the willing-buyer / willing-seller framework. Phase out remaining FX backlogs; settle outstanding airline / foreign-supplier obligations. Pursue non-oil export drive to broaden FX supply (cocoa, sesame, lithium) rather than reimpose controls.
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