Naira Would Have Become Worthless Without Reforms, Tinubu Says

President Bola Tinubu has said the naira would have lost virtually all its value if his administration had failed to implement economic reforms, particularly the unification of the country’s multiple foreign exchange rates.

Tinubu made the remarks on Friday at the All Progressives Congress (APC) presidential campaign rally in Uyo, Akwa Ibom State, where he defended his government’s handling of the economy amid criticism over the depreciation of the national currency.

The President argued that the situation could have been significantly worse without the policy decisions taken shortly after he assumed office in May 2023.

“If we didn’t take a decision on the day I took over, we would be using wheelbarrow to move our naira because it would have been valueless,” he said.

Responding to criticism over the exchange rate, which he put at about ₦1,300 to the dollar, Tinubu maintained that the currency still retained some value compared with what might have happened without the reforms.

“You’re talking of ₦1,300 to a dollar. It still has pocketable value. If we had left it, it would have been a wheelbarrow when you go to the tomato market,” he added.

The administration introduced the unification of Nigeria’s multiple foreign exchange rates in June 2023 as part of efforts to address distortions in the foreign exchange market and narrow the gap between official and parallel market rates.

The policy initially triggered a sharp depreciation of the naira, which moved from approximately ₦750 to the dollar to around ₦1,900 before recovering to about ₦1,300, according to the President.

Tinubu also defended the broader economic decisions taken by his government, including the removal of the petrol subsidy, which he has repeatedly described as necessary to improve public finances and stabilise the economy.

At the rally, the President said his administration inherited significant fiscal challenges, claiming that 27 of the country's 36 state governors were unable to meet salary obligations, pensions and gratuities when he assumed office.

He maintained that the reforms had helped prevent a deeper economic crisis, although Nigerians continue to face concerns over the cost of living and the impact of higher prices on household finances.

The President's comments come as he campaigns for re-election in the January 16, 2027 general elections.