(DDM) – Mr. Tanimu Yakubu, Director-General of the Budget Office of the Federation, has stated that President Bola Tinubu’s foreign exchange reforms have repositioned the Naira as a tool for competitiveness rather than weakness.
Diaspora Digital Media (DDM) gathered that Yakubu made the remarks during an economic briefing reported by The Nation on Saturday, August 30, 2025.
Foreign exchange reforms reshape the Naira
Yakubu highlighted that the reforms, which included the removal of Nigeria’s multiple exchange rate system in 2024, had a significant impact on the nation’s economy.
He recalled that when the policy was first introduced, the Naira experienced a sharp decline that created fears of economic instability.
In March 2024, the currency reportedly dropped to as low as N1,800 per dollar, raising concerns among businesses and citizens about the government’s economic strategy.
Critics at the time described the local currency as “virtually worthless,” while inflation and rising costs of living heightened public anxiety.
Positive effects on exports
Despite the initial challenges, Yakubu said the reforms produced notable benefits, particularly in the export sector.
He explained that Nigerian products, previously struggling to compete internationally, became more attractive due to lower prices for foreign buyers.
Exporters benefited by earning more in Naira terms, while international buyers paid less in dollars, increasing trade activity and boosting foreign inflows.
Naira as a driver of growth
Yakubu described the developments as a turning point for the economy, noting that the reforms had transformed the Naira into a driver of economic growth.
He added that the changes created conditions conducive to attracting investment, strengthening exports, and positioning Nigeria more competitively in global trade.
Sustaining policy gains
The Director-General stressed that sustaining these gains required consistent policy direction and commitment from both government and stakeholders.
He emphasized that the long-term goal should be an economy that leverages its currency as an engine for global competitiveness rather than viewing it as a source of weakness.
“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 said.
Outlook for the future
Yakubu urged policymakers, businesses, and Nigerians to remain patient and focused, asserting that continued adherence to the reforms would cement the Naira’s role in national and international trade.
He concluded that with strategic implementation, Nigeria could convert short-term challenges into long-term economic opportunities, fostering a stronger, more resilient financial system.
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