Tinubu’s FX Reforms Strengthen Naira, Boost Exports – Budget Office DG Yakubu

Tinubu’s FX Reforms Strengthen Naira, Boost Exports – Budget Office DG Yakubu

The Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, has said that President Bola Tinubu’s foreign exchange (FX) reforms have transformed the Naira into a driver of competitiveness and growth.

Yakubu, in a statement on Saturday, explained that the scrapping of multiple exchange windows in 2024 initially triggered a sharp fall of the Naira, sparking concerns of economic collapse.

He recalled that the currency dipped to N1,800 per dollar in March 2024, with critics branding it a “worthless Naira.”

“However, what looked like a collapse was in fact a reset. It was a deliberate recalibration of our foreign exchange market,” Yakubu said.

According to him, the Naira staged a comeback, appreciating to N1,525 per dollar by August 2025—a 15.28 percent gain in just five months. He attributed the rebound to increased oil receipts, strong diaspora remittances and the clearance of over four billion Naira in FX backlogs.

Yakubu stressed that unifying the FX market was a turning point, creating transparency, restoring investor confidence and making Nigerian exports more attractive.

“With a realistic exchange rate, our cocoa, sesame and even processed chocolate became cheaper in New York, Mumbai or São Paulo without local producers earning less,” he said.

Data from the Budget Office showed that non-oil exports rose from $2.696 billion in the first half of 2024 to $3.225 billion in the same period of 2025. Export volumes also climbed from 3.83 million to 4.04 million metric tonnes, reflecting stronger global demand.

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Yakubu described the trend as a win-win situation for Nigeria:

“This is a virtuous cycle. FX reform leads to a realistic naira, which makes our goods competitive. That drives exports, and the resulting inflows strengthen the Naira further,” he explained.

He added that the reforms have turned the Naira into a magnet for trade and investment, predicting a long-term transformation of the economy.

“If Nigeria stays the course, the story of the Naira will not be about collapse and recovery but about reinvention, an economy using its currency as an engine of global competitiveness,” Yakubu added.