The Presidency has defended the foreign exchange reforms introduced by President Bola Tinubu’s administration, stating that the naira has now discovered its true market value.
Speaking in an interview on Tuesday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, argued that the previous exchange rate system artificially undervalued the naira and encouraged arbitrage between the official and parallel foreign exchange markets.
According to Onanuga, when President Tinubu assumed office, the official exchange rate was around N400 to the dollar, while the black market rate was significantly higher, creating distortions in the forex market.
He explained that the administration’s decision to liberalise the foreign exchange market enabled the naira to reflect its actual worth.
The presidential aide also cited recent remarks by the International Monetary Fund (IMF), noting that the Fund estimated the naira’s fair value at about N1,100 to the dollar, despite trading above N1,300 in the
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