President Bola Ahmed Tinubu claimed in a speech on Wednesday, September 3, 2025, that when he took office on May 29, 2023, the exchange rate was ₦1,900 to $1, and it had improved to ₦1,450 by August 2025.
VERIFICATION
1. The Exchange Rate in May 2023
At the time of President Tinubu’s inauguration, Nigeria operated a multiple exchange rate system. The official rate, managed by the Central Bank of Nigeria (CBN) at the Investors and Exporters (I&E) window, was a managed float. This was distinct from the widely used parallel or black market rate.
Official Rate: Prior to May 29, 2023, the official exchange rate fluctuated between approximately ₦460–₦470 to $1 based on data. This was the rate at which most formal business transactions and official inflows were conducted.
Parallel Market Rate: Concurrently, the parallel market, which serviced much of the informal economy and personal transactions, traded at a considerably weaker rate of around ₦750 to $1.
2. The Devaluation and the ₦1,900 Mark
The dramatic depreciation of the Naira to ₦1,900 to $1 did not occur in 2023. It was a direct consequence of key economic reforms implemented by the new administration in mid-2023. Following the removal of the fuel subsidy on May 29, 2023, and the subsequent unification of the exchange rate windows by the CBN on June 14, 2023, the Naira experienced a sharp devaluation.
The Naira’s value continued to weaken throughout the rest of 2023 and early 2024 as market forces adjusted to the new policies. It was only in February and March 2024 that the currency reached its all-time low, trading at approximately ₦1,800–₦1,900 to $1 in the parallel market. Therefore, the rate of ₦1,900 to $1 was a result of the administration’s policies, not the starting point.
3. The Exchange Rate in August 2025
While President Tinubu’s claim of the Naira strengthening is factually correct, his quoted figure is inaccurate. The currency has appreciated from its low point in March 2024. However, the reported data for August 2025 shows the rate was not ₦1,450 to $1. Reports indicate the Naira had strengthened to approximately ₦1,525 to $1, with the CBN reporting a rate of ₦1,531.45 to $1 on August 29, 2025. This figure, while showing significant recovery, is different from the claimed value.
VERDICT
President Tinubu’s claim that the Naira was trading at ₦1,900 to $1 when he took office in May 2023 is FALSE. The currency’s value was more than double that figure at the time. The ₦1,900 mark was reached nearly a year into his term, following his administration’s economic reforms. Furthermore, the claimed exchange rate for August 2025 is also FALSE.
(Nigerian Tribune)
