Independence Day: Naira to Dollar exchange no longer determined by crude oil price fluctuations
President Bola Tinubu spoke on the naira to dollar exchange rate in his Independence Day address President Bola Tinubu spoke on the naira to dollar exchange rate in his Independence Day address
President Bola Ahmed Tinubu has said the Naira to Dollar exchange rate is no longer determined by fluctuations in crude oil prices.
He disclosed this in his 65th Independence Anniversary broadcast on Wednesday.
According to him, reforms under his administration had resulted in the stabilisation of the naira against other foreign currencies.
He noted that the gap between the official rate and the black market has reduced significantly amid fresh capital remittance inflows.
“The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows.
“The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude price,” he stated.
The Naira to Dollar on Tuesday closed at N1,475.35 and N1,495 at the official and parallel foreign exchange markets.