Presidential Bola Tinubu's economic policies have strengthened the naira, positioning the currency against the fluctuation and downward slide it experienced between 2023 and late 2024.

MyNigeria reported that Tinubu, during his inaugural speech as President on May 29, 2023, announced plans to unify the exchange rate.

Before the announcement, in the official market, the naira traded for a dollar at N460, while N750 was used to purchase a dollar in the parallel market.

On November 15, 2022, Peter Obi, who was contesting the presidency at the time, stated that the current foreign exchange rate was not favourable to exporters, vowing to unify the system.

He shared on X, "We will remove import and forex restrictions and insist on a single forex market. The current system penalises exporters who bring in forex by forcing them to sell at a rate that they are unable to source for forex when they need to purchase forex."

On the same day, former Vice President Atiku Abubakar, who was also contesting the presidency, called for an elimination of multiple exchange rates.

He said on X, "I want to see a convergence and an elimination of multiple exchange rates. And it is the private sector that suffers. As far as I am concerned, it will be dealt with."

Their desire has been granted by President Tinubu, whose policies have ensured that, at the official and parallel markets, the naira exchanges for the dollar at N1,507 as of the time of filing this report.

ASA