Nigeria’s President, Bola Ahmed Tinubu, has revealed that his administration implemented a unified exchange rate in order to save the country from a financial crisis.
This announcement was made in a statement released by Dele Alake, the Special Adviser on Special Duties, Communications, and Strategy, following Tinubu’s engagement at a civic reception held in his honour by the Lagos State Government at the Lagos House, Marina.
President Tinubu stated that although he had the option to maintain the previous multiple foreign exchange systems and benefit from them, he chose to unify the official and parallel market rates for the sake of the country.
He emphasized that his decision to implement a managed float, similar to his approach to fuel subsidy removal, was in the best interest of Nigeria, and it was crucial to make these decisions early in his administration.
“I could have chosen to share the benefits by participating in the arbitrage, but I am not here for personal gain. That’s not why you voted for me,” President Tinubu stated.
He further emphasized the need to take action on fuel subsidies to stop the financial bleeding, leaving no choice but to address the issue promptly.