Nigeria’s currency has gained over 15 percent in five months, trading at N1,525 to the dollar by August.
This is according to the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, who attributed the recovery to policy reforms, including higher oil revenues, rising diaspora remittances, clearance of $4bn in forex backlogs, and the unification of exchange windows which created a single transparent market.
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Mr. Yakubu recalled the naira’s sharp fall to N1,800 per dollar after the Tinubu government scrapped the fixed regime in 2024, describing it as a risky but necessary correction now yielding results.
He said the adjustment boosted non-oil exports, which rose nearly 20 percent in value and expanded in volume year-on-year.
Mr. Yakubu argued that with sustained reforms, Nigeria could be on the path to an export-led recovery, noting that a floating currency, when managed well, is a strength.
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