Omowumi Semudara
The Newly Inaugurated President of Nigeria Bola Ahmed Tinubu has disclosed the intention of his administration to unify the exchange rate, replacing the previous multiple exchange rate regime implemented during the administration of former President Buhari by the central bank.
He made the policy announcements during his inaugural speech on May 29th, 2023, signalling a fresh approach to economic governance in the country.
The President explained the importance of a unified exchange rate and emphasized the need to redirect funds from arbitrage toward meaningful investments.
According to him, the unification of the exchange rate is expected to enhance transparency and create a level playing field for businesses operating in Nigeria, streamline the foreign exchange market and reduce distortions, thereby attracting more investments and boosting economic stability.
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”.
President Bola Tinubu vowed that his administration will govern and not rule over Nigerians, he said he will only govern on behalf of Nigerians and not Lord things over them”, he said.
Tinubu promised to consult with Nigerians in governing the nation, even as he praised former President Muhammadu Buhari, calling him a worthy partner and friend.
