The Digest:
In a symbolic declaration for Nigeria's 65th Independence Day, President Bola Tinubu has asserted that the Naira has achieved a new level of economic sovereignty, no longer tethered to the volatile swings of global crude oil prices. He framed this as a key outcome of his administration's reforms, signaling a fundamental shift towards a more resilient and diversified economic base.
Key Points:
- President Tinubu stated the Naira-to-Dollar rate is now independent of crude oil price changes.
- He attributed this to successful foreign exchange reforms and fresh capital inflows.
- The gap between the official and parallel market rates has "reduced substantially."
- Tinubu declared the era of "multiple exchange rates" is now "part of history."
- He cited this as evidence of the Naira's stabilization after 2023/2024 volatility.
- The official market rate closed at N1,475.35/$1 on the day of the speech.
- The parallel market rate was reported at approximately N1,495/$1.
Sources: Daily Post
