₦airaland Forum

From devaluation to domination: How Tinubu’s exchange rate reforms turned naira into Nigeria’s export engine

When President Bola Ahmed Tinubu’s administration dismantled Nigeria’s rigid foreign exchange regime in 2024, critics were quick to call it a currency collapse. The naira plunged to ₦1,800 per dollar in March 2024, and headlines screamed of economic freefall. But beneath the noise, a deliberate, high-risk economic recalibration was underway—one that has now begun to pay off in spectacular fashion.

By August 2025, the naira had clawed its way back to ₦1,525/$1, marking a 15.28% strengthening in just five months—an annualised pace of nearly 48.9%. This wasn’t luck; it was policy. Increased oil receipts, swelling diaspora remittances, and the clearing of over $4 billion in foreign exchange backlogs restored investor trust. The unification of Nigeria’s FX windows created a single, transparent market rate—finally letting the currency find its realistic value.

Why does this matter? Because a realistic exchange rate does more than please economists—it changes the very arithmetic of trade. Nigerian goods, once overpriced in dollars due to an artificially strong naira, suddenly became bargains on global markets. A bag of sesame seeds, cocoa beans, or even processed chocolate instantly cost less in New York, Mumbai, or São Paulo, without the Nigerian farmer or factory owner earning less in naira terms.

The result was swift and striking. Non-oil exports jumped from $2.696 billion in H1 2024 to $3.225 billion in H1 2025—a 19.62% year-on-year growth. And this wasn’t just a “price illusion.” Export volumes rose from 3.83 million to 4.04 million metric tonnes, proof that foreign buyers weren’t just paying more for the same goods—they were buying more goods, period.

A perfect “sweet spot” had emerged:

• For buyers abroad, Nigerian goods were cheaper than competitors’.

• For exporters at home, the naira value of earnings soared, enabling reinvestment into value-added processing—turning raw cocoa into chocolate bars, raw sesame into bottled oil.

For the economy, the export surge pumped foreign exchange back into the system, strengthening the naira without eroding its competitiveness.

The feedback loop is textbook economics:
1. FX Reform → Realistic Naira
2. Cheaper USD Prices → Export Boom
3. Export Boom → FX Inflows
4. FX Inflows → Naira Stability
5. Naira Stability → Investor Confidence & Long-Term Growth

What’s remarkable is that this cycle feeds itself. As Nigerian goods win more market share globally, the inflow of export dollars reinforces naira stability. That stability lowers risk for investors, inviting portfolio and capital inflows that further bolster reserves.

The critics who cried “worthless naira” missed the bigger picture: a floating currency is not a sign of weakness—it is a tool for national competitiveness. By refusing to prop up the naira with scarce reserves and instead letting market forces work, the Tinubu administration has set the stage for a sustainable, export-driven growth path.

If Nigeria stays the course, the naira’s recovery won’t just be about exchange rates—it will be the story of an economy finally learning how to turn its currency into a competitive weapon on the world stage.

Yakubu is the director-general of
Budget Office of the Federation

https://www.thecable.ng/from-devaluation-to-domination-how-tinubus-exchange-rate-reforms-turned-naira-into-nigerias-export-engine/

These people just wake up and spin any baalablu out for Nigerians to consume

Propaganda machine, they are at it again.....


We are still struggling with the last propaganda of the PORT HARCOURT REFINERY WORKING.

If Tinubu people stop telling lies to Nigerians, will they die?


Nawaoo!


🥱🥱🥱🥱

This has to be a joke.

We are an import dependent economy.

No import dependent economy can prosper with a weak local currency - because it will always have to pay more to obtain global trade currencies- thereby ensuring that it remains poor. This is Economics 101.

Countries which can afford to devalue their currencies are high producing economies which dont rely on imports. China, Japan, and several others come to mind.

If you think that when everything you use is imported - then you can devalue your currency - then you are eiher clueless or in bed with imperialists.

They dont stop to think - when they say, oh, foreigners are buying more from us - they dont stop to think that those foreigners have gotten your naira cheaper and are giving you back a weaker naira with less purchasing power and which has sparked inflaton to impoverish you. A cycle.

End of.

I'm watching closely the comments below on this thread. A booming economy is good for all. That's all , all Nigerians wants regardless of political affliction or ethnic background.

blamingthedevil:
From devaluation to domination: How Tinubu’s exchange rate reforms turned naira into Nigeria’s export engine



https://www.thecable.ng/from-devaluation-to-domination-how-tinubus-exchange-rate-reforms-turned-naira-into-nigerias-export-engine/

Indeed. Propaganda doesn't fix a nation. Good governance with quality policies does.

Lying about everything when in reality, The reverse is the case.

Lmao. I read this,burst into laughter and almost fell off my bed.

They say if it didn't dey,it didn't dey. . The exchange rate that currently goes for $1500 from the $400 or so he meet it is what a so called Yakubu from the Budget office and the APC administration is celebrating? Lmao.

See,you people do not need to pay sponsored posts in the media,if he didn't dey he didn't dey. If he dey,he dey. The people will feel it. There is no need to do your high level propaganda as you have always known to do.

Because deep down in you,you all know the Economy has taken a hit since 2015 and as even gotten worst since 2023. There is no white washing that can make it look excellent.

IT IS NOTHING BUT A COMPLETE FAILURE.

P.S. From awọn "Na statistics we go chop" Now reeling out fake stats for us..

Shior

Seems the writer is high. The devaluation of the naira has only brought severe hardship and weakened the naira.

happney65:
Lmao. I read this,burst into laughter and almost fell off my bed.

They say if it didn't dey,it didn't dey. . The exchange rate that currently goes for $1500 from the $400 or so he meet it is what a so called Yakubu from the Budget office and the APC administration is celebrating? Lmao.

See,you people do not need to pay sponsored posts in the media,if he didn't dey he didn't dey. If he dey,he dey. The people will feel it. There is no need to do your high level propaganda as you have always known to do.

Because deep down in you,you all know the Economy has taken a hit since 2015 and as even gotten worst since 2023. There is no white washing that can make it look excellent.

IT IS NOTHING BUT A COMPLETE FAILURE.

P.S. From awọn "Na statistics we go chop" Now reeling out fake stats for us..

Shior

The hypocrisy and justification of failure are just staggering.

blamingthedevil:
By August 2025, the naira had clawed its way back to ₦1,525/$1, marking a 15.28% strengthening in just five months—an annualised pace of nearly 48.9%.

^^^


"There are three kinds of lies: lies, damned lies, and statistics"

God Bless Tinubu!! God Bless Nigeria!! God Bless us all

Thank you Yakubu. I hope this effort is sustained. However, we want the result of this FX inflow to show in the living conditions of Nigerians. People are suffering from hunger and finance related issues.

Oh... so now bat is celebrating fx at N1600 to $1 as an achievement? Wonders shall never end...

Same man who condemned N214 to $1 as too high and a sign of incompetence...

Another good news to start my Sunday. President Tinubu has been putting smiles in Nigerians faces with his policies and reforms

To those who want to cry about this news as it's positive news about Nigeria, do your crying in peace without lumping us

President Tinubu has performed so well in economy, and I hope he sustain the reforms to the local end, those who failed to make an impact can go on lamenting, it is their constitutional right to be sad of good news

May God Nigeria

Wonders shall never end.
According to Tinubu bureau of statistics, the country is recording high exports yet its not reflecting on the local currency. The exchange rate of the Naira is still at an all time low.

Bunch of comedians.

Smartcitizen:
Propaganda machine, they are at it again.....


We are still struggling with the last propaganda of the PORT HARCOURT REFINERY WORKING.

If Tinubu people stop telling lies to Nigerians, will they die?


Nawaoo!


🥱🥱🥱🥱

YES








Seun use the remaining characters to eat bread.

Vicious circle of economic stupidity .

Most Developed economies have the strongest currencies,with exchanges in single and at most double digits.

So how do you become a developed economy with an extremely weak ,worthless currency,with exchanges in 4 digits?

Countries need foreign currencies only for importation purposes,so the lower the exchange rates, the better.There is no other reason for having foreign reserves.

So the people will continue to suffer exorbitant prices and imported inflation on the goods we cannot produce 100% locally ,making them poorer.

The imported inflation would also have ripple negative effects on local manufacturing/production ,via high cost of imported machines and raw materials.

It is therefore foolish economics to think that high exchange rates would drastically improve exports without increasing local production,which is boosted by lower cost of inputs.

Artificial and non sustainable increase in exports as reaction to a surge in exchange rates,would continue to cause local scarcity of the exported products.

In summary,the best way to a sustainable export driven and developed economy, is by direct stimulation of higher productivity that would be sufficient for both local and international needs and not currency devaluation or floatation.

How do we achieve this?

1. Low,single digit interest rate for cheaper access to credit

2.Low forex exchange rates and import duty subsidy for imported plant and machinery we can currently not produce locally

3.Collosal funding of research and development of local manufacturing of plant and machinery.

4.Regular power supply

5. Cheap fuel prices for manufacturers and farmers

6,Collosal funding and subsidies for mechanised
Farming.

7.Etc. But definitely not Naira devaluation!

Stupidity is when you continue to export what is not locally sufficient,just because of earning more naira equivalent. Individual exporters benefit whilst the people and country as a whole suffer!

Nigeria’s economy was absolutely much more stronger and better,when the Naira was naturally (not the current artificial)stable and almost equivalent to the dollar!

Domination kor dominiatrix ni
Domination kor dominiOn ni

Moikiitos:
I'm watching closely the comments below on this thread.

A booming economy is good for all. That's all , all Nigerians wants regardless of political affliction or ethnic background.

If the economy is booming, then why has ebilokan failed to achieve his short term goal of N300/$1 despite his $84 billion subsidy savings and N3.3 billion Afreximbank loan to defend the Naira?

Balablu propaganda is not proper agenda governance results.

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp

Doyin2:
Vicious circle of economic stupidity .

Developed economies have the strongest currencies,with exchanges in single and at most double digits.

So how do you become a developed economy with an extremely weak ,worthless currency,with exchanges in 4 digits?

Countries need foreign currencies only for importation purposes,so the lower the exchange rates, the better.There is no other reason for having foreign reserves.

So the people will continue to suffer exorbitant prices and imported inflation on the goods we cannot produce 100% locally ,making them poorer.

The imported inflation would also have ripple negative effects on local manufacturing/production ,via high cost of imported machines and raw materials.

It is therefore foolish economics to think that high exchange rates would drastically improve exports without increasing local production,which is boosted by lower cost of inputs.

Artificial and non sustainable increase in exports as reaction to a surge in exchange rates,would continue to cause local scarcity of the imported products.

This confession of the finance minister has response elements to your questions.

thisweekng:
The Minister of Finance and Coordinating Minister of the Economy Chief Olawale Edun has said the last time Nigeria’s economy looked stable was about a decade ago.

He made this statement during his maiden press conference as Minister of Finance where he outlined President Bola Tinubu’s vision, agenda and strategy for the economy.

He said, “I think as we all know, we are not where we should be. The economy is barely growing above the rate of population growth.

“But it was not always so, and I think in trying to look at the way forward, if we now have a situation of slow growth, double-digit inflation, weak/depreciating exchange rate, as well as security concerns that are resulting in an economy that is not growing and not taking Nigerians out of poverty.

“If we think back to the last time when the economy was stable- when it was growing, when inflation was low, and the interest rate was affordable, that period was about a decade ago. Growth was about 6% in 2013 and 2014.”
Private sector to drive the economy

https://nairametrics.com/2023/09/01/the-last-time-nigerias-economy-was-stable-was-about-a-decade-ago-wale-edun/

On this projection, it is possible that Tinubu and his team would have been the best thing to have happened to this country since independence.

blamingthedevil:
From devaluation to domination: How Tinubu’s exchange rate reforms turned naira into Nigeria’s export engine



https://www.thecable.ng/from-devaluation-to-domination-how-tinubus-exchange-rate-reforms-turned-naira-into-nigerias-export-engine/

How much were you paid to spill out this unrealistic economic review? Maybe these data is for another country. Haba, let's tell ourselves the truth, are you felling the positive impact of these balabu analysis?

So a collapsing naira is now an advantage to Nigeria? What is the purchasing power of the people?

If the naira’s collapse is now considered an export strategy, then economic hardship must be the new definition of growth.

We are gradually getting there! Even if na snail walk we dey do make we just dey move sha!

The worst Government of all time that has ruled Nigeria. Prosperity will judge them on the hardship these Nigerian Pharoahs are inflicting on Nigerians.