Naira has now stabilized, rate no longer determined by fluctuations in crude oil prices – President TINUBU

Wednesday, October 1, 2025 - President Bola Tinubu on Wednesday said the Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024.

The president said this in a broadcast to mark Nigeria’s Independence Anniversary on Wednesday.

“The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows,” Mr Tinubu said.

“The multiple exchange rates, which fostered corruption and arbitrage, are now part of history.

“Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.”

The naira has recorded relative stability in the last few months amid improved remittances inflow and reduction in the gap between the official and parallel markets’ rates. This year, the Naira’s lowest point has been N1,637/$.

Earlier in the week, the Naira had a strong start amid a weakening US dollar. The Nigerian currency traded at N1,485.5/$ at the Nigerian foreign exchange market.

The Nigerian naira strengthened slightly in the parallel market on Tuesday, closing at ₦1,500 per US dollar, an appreciation from the ₦1,510 of last week.

The president explained that oil production rebounded to 1.68 million barrels per day from barely one million in May 2023.

The increase, he said, occurred due to improved security, new investments, and better stakeholder management in the Niger Delta.

“Furthermore, the country has made notable advancements by refining PMS domestically for the first time in four decades. It has also established itself as the continent’s leading exporter of aviation fuel,” he noted.

The president also said that goods manufactured in Nigeria and exported jumped by 173%.

“We are now selling more to the world than we are buying, a fundamental shift that strengthens our currency and creates jobs at home,” he said.

“Nigeria’s trade surplus increased by 44.3% in Q2 2025 to ₦7.46 trillion ($4.74 billion), the largest in about three years.”

This signals that we are diversifying our economy and foreign exchange sources outside oil and gas, Mr Tinubu said.

Mr Tinubu added Wednesday that his administration inherited a “near-collapse” company caused by decades of misgovernance in the country.