The general director of the Federation’s Budget Office, Mr. Tanimu Yakubu, has revealed that President Bola his Tinubu currency reforms has repositioned Naira as a tool for competitiveness instead of weakness.
Yakubu, who said this in a satement on Saturday, said that when the administration discarded the multiple exchange windows of the country in 2024, the Naira initially fell sharply, causing fears of economic collapse.
He recalled that the currency immersed itself in N1,800 per dollar in March 2024, and critics described it as a “naira without value.”
“However, what seemed like a collapse was in fact a restart. It was a deliberate recalibration of our currency market,” said Yakubu.
According to him, in August 2025, La Naira had recovered N1,525 per dollar, which represents a gain of 15.28 percent in five months.
He attributed the rebound to higher oil receipts, strong diaspora remittances and the elimination of more than four billion naira in Forex attacks.
Yakubu said that Forex market unification was the key step, creating a unique transparent rate and restoring investors.
He explained that the impact was more visible in the export sector, where Nigerian goods suddenly became more affordable abroad.
“With a realistic exchange rate, our cocoa, sesame and even processed chocolate became cheaper in New York, Mumbai or São Paulo without local producers winning less,” he said.
The budget office data showed that non -oil exports increased from $ 2,696 billion in the first half of 2024 to $ 3,225 billion in the same 2025 period.
Export volumes also increased, from 3.83 million to 4.04 million metric tons, confirming that foreign buyers were buying more goods, not just paying higher prices.
Yakubu described development as an “optimal point” for the economy, with exporters earning more in terms of Naira, buyers abroad pay less in terms of dollars and the economy that benefits from stronger tickets.
He explained that “this is a virtuous cycle. The FX reform leads to a realistic Naira, which makes our products competitive.
“That drives exports, and resulting entries strengthen Naira further,” he explained.
He said the reforms had turned La Naira into a growth driver, attracting both trade and investment.
“If Nigeria continues the course, Naira’s story will not be collapse and recovery, but of reinvention, an economy that uses its currency as a motor of global competitiveness,” Yakubu added.
(Yaya)
Also read the main stories of Nigerian Tribune
Watch the best Nigerian Tribune TV videos