In a significant policy shift, Nigeria’s newly elected President Bola Ahmed Tinubu has declared his government’s decision to unify the exchange rate, replacing the previous multiple exchange rate regime implemented during the administration of former President Buhari by the central bank.
President Tinubu highlighted the importance of a unified exchange rate and emphasized the need to redirect funds from arbitrage toward meaningful investments.
Additionally, he called for a reduction in interest rates, describing the current rates as detrimental to both the people and businesses in Nigeria.
“The central bank must work towards a unified exchange rate…they should direct the fund from arbitrage to meaningful investment”
“Interest rates need to come down, currently too high, anti-people, anti-business, we have to work on all of those”, Tinubu said.