₦airaland Forum

The foreign exchange market in Nigeria has been “totally sorted,” with businesses no longer plagued by the difficulties that once characterised access to dollars, Chairman of the United Bank for Africa, Tony Elumelu, has said.

Elumelu, who spoke to State House correspondents after meeting President Bola Tinubu at the Presidential Villa, Abuja, on Friday, said the Central Bank of Nigeria under Governor Olayemi Cardoso had brought predictability and stability to the economy.

Illustrating the transformation, the billionaire banker said, “There was a time before if I got 10 calls on banking issues, seven of those calls was about how to access foreign exchange.

“Today, if you get 10 calls on banking issues, not even one is on FX. That market is totally sorted.”

Elumelu, who is also the Chairman of Transcorp and a member of the Presidential Economic Council, argued that the Tinubu administration had created an enabling environment for the CBN to implement reforms.

He said, “If you see what the Central Bank Governor and his team are doing, it’s quite encouraging; we’ve had some predictability and stability.

“What’s important is to be able to predict, in an economy, the direction of things, so you can plan very well.

“Mr President also should be commended for creating that space for the governor to do what he and his team are doing.”

The CBN, since Cardoso assumed office in September 2023, has implemented sweeping reforms to stabilise the foreign exchange market.

These include unifying multiple exchange rate windows in October 2023, adopting a willing-buyer-willing-seller model, clearing a verified backlog of $7bn in foreign exchange obligations, and introducing the Electronic Foreign Exchange Matching System in October 2024 to enhance transparency.

Nigeria’s external reserves have also rebounded, rising to over $43 billion in 2025 from about $33.6 billion in October 2023, according to data from the apex bank.


Elumelu, however, called on the Federal Government to fast-track payment of debts owed to power-generating companies, noting that improved access to electricity remained critical for economic development.

“Improvement in access to electricity is critical for economic development.

“Mr President realises this, embraces it, and is committed to doing more, especially helping to fast-track the payment of the power sector debt so that the power generators can do more for the country,” he said.

Ofunaofu:
Tony Elumelu is not being objective, he’s being political. Trying to be in the good books of Mr President

A banker of his stature knows better. Liquidity is not value. Availability is not strength. You don’t clap because dollars can now be found at N1,400 after policies helped drag the naira from N460. That’s not progress, that’s currency collapse dressed up as reform.

Celebrating dollar supply after a over 200 percent currency destruction is economic gaslighting. It’s like setting a house on fire and then demanding applause for reducing the smoke.

And let’s be honest: the biggest relief on FX demand from fuel imports came from Dangote Refinery, a private investment, not from government brilliance. Attempting to frame that as policy success is convenient amnesia.

Scarcity may have eased, but the damage is real. The purchasing power wiped out, the businesses crushed, the savings eroded, those don’t disappear because a banker chooses to praise power.

That’s not economic analysis.

You don’t clap because dollars can now be found at N1,400 after policies helped drag the naira from N460. That’s not progress, that’s currency collapse dressed up as reform.

Celebrating dollar supply after a over 200 percent currency destruction is economic gaslighting. It’s like setting a house on fire and then demanding applause for reducing the smoke.

And let’s be honest: the biggest relief on FX demand from fuel imports came from Dangote Refinery, a private investment, not from government brilliance. Attempting to frame that as policy success is convenient amnesia

Scarcity may have eased, but the damage is real. The purchasing power wiped out, the businesses crushed, the savings eroded, those don’t disappear because a banker chooses to praise power.

Christmyhope:
The reason I am in support of Tinubu is because of his reform policies. I have longed for someone who will initiate such an audacious move but all our past presidents since 1999 have been timid and unenterprising. I never knew Tinubu would make such a move judging from widespread perception about him but he has taken me by surprise. If these reform policies are allowed for a next four years then Nigeria will achieve economy emancipation. Tinubu till 2032👍👍

Christmyhope:
The reason I am in support of Tinubu is because of his reform policies. I have longed for someone who will initiate such an audacious move but all our past presidents since 1999 have been timid and unenterprising. I never knew Tinubu would make such a move judging from widespread perception about him but he has taken me by surprise. If these reform policies are allowed for a next four years then Nigeria will achieve economy emancipation. Tinubu till 2032👍👍

Tony Elumelu has thrown his support behind the reforms currently underway under President Tinubu.

pic.twitter.com/jugwPRAmYB

— YabaLeftOnline (@yabaleftonline) February 13, 2026

helinues:
You are the one not being sincere here. The N460 rate you are talking about was subsidized and even apart from that, the rate fluctuating within a year can be from N50-N200. Under this government, a whole year naira to dollar rate difference was less than N30. That's stability with the Naira against Dollars



Why won't we celebrate. What have we been using the dollar to do before that always cause scarcity?



Without the FG providing conducive environment for business with reforms and policies, the Dangote refinery might have still not function. What delayed his licence for years?



The scarcity and whatever temporary hardship it might have brought, Nigerians are now more conscious with their spendings compared to before.

You can see that I addressed all your concerns above without insulting or attacking, if you guys can stick to that, let's discuss. We want to clear things you have been doubting Thomas about

DeLaRue:
Some on Nairaland even say Cardoso knows nothing and that he's only CBN Governor be ause he is Yoruba. You just have to shake your head.

Recently, Mr Otedola said Mr Cardoso is the best CBN Governor in Nigeria's history. I have been saying that here on Nairaland for the best part of a year.

Now, Mr Elemelu is singing a similar chorus.

Many African Central Bank Governors are rushing to learn the mini miracle that the Nigerian CBN has performed in the past 2 years.

If you give me the option of Mr Cardoso, Mr Sanusi, and Mr Soludo,I will pick Mr Cardoso without blinking an eye because an unsung general who has led an army in a near-calamitous war, and won, is better that a flamboyant general who talks a good game but has never been to any war.

Christmyhope:
The reason I am in support of Tinubu is because of his reform policies. I have longed for someone who will initiate such an audacious move but all our past presidents since 1999 have been timid and unenterprising. I never knew Tinubu would make such a move judging from widespread perception about him but he has taken me by surprise.

If these reform policies are allowed for the next four years then Nigeria will achieve economy emancipation. Tinubu till 2032👍👍

Tenses:
Mr. Oga, elumelu is the one that connected tinubu with macron of France.

Every stupid policies wey tinubu dey drop nah elumelu be his plug. Tell me why he no go praise am.

Christmyhope:
The reason I am in support of Tinubu is because of his reform policies. I have longed for someone who will initiate such an audacious move but all our past presidents since 1999 have been timid and unenterprising. I never knew Tinubu would make such a move judging from widespread perception about him but he has taken me by surprise. If these reform policies are allowed for the next four years then Nigeria will achieve economy emancipation. Tinubu till 2032👍👍

Kobicove:
The dollar issue can only be permanently sorted when Nigeria becomes a net exporter of goods!

Kobicove:
The dollar issue can only be permanently sorted when Nigeria becomes a net exporter of goods!

Majesty2:
The APC Presidential candidate, Asiwaju Bola Ahmed Tinubu, has revealed how he will drive the economy of the country, strengthen the Naira and making the country "import less" while "exporting more".




https://www.youtube.com/watch?v=kCskn6CbuqA