April 23, 2024 3:27 pm
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Tinubu Reveals Bold Moves: Unifying Exchange Rate and Rejecting Arbitrage

President Bola Ahmed Tinubu has said he could have chosen to maintain the hitherto multiple foreign exchange rates and benefit from it but instead, he  opted to unify the official and parallel market rates to save the country from financial haemorrhage.

In a reception organised in his honour by the Lagos State Government at the Lagos House, Marina, President Tinubu explained the rationale behind his decision to unify the foreign exchange rates. He emphasized that he made the choice in the best interest of the nation, just as he did with fuel subsidy removal.

“I could afford to share the benefit by participating in the arbitrage, but God forbid! That’s not why you voted for me,”

Tinubu stated firmly, quoted by his media aide, Dele Alake. President Tinubu highlighted the importance of taking decisive actions in the early days of his administration. Alongside unifying the foreign exchange rates, his administration also stopped immediate payment of subsidy on petrol to prevent further financial distress.

In his inaugural speech on May 29, Tinubu declared an end to subsidy payment on fuel, which triggered long queues at filling stations nationwide. He reiterated the necessity of these measures during the reception, saying,

“We need to take the steps to stop the bleeding of our finances through speedy action on fuel subsidy. We have no choice.
“We will work together with an open-door policy. We will bring Nigeria from the brink of a resilient economy. I want us to be partners so that we can rescue our land and make it a born-again nation.”

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