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Why I Unified Exchange Rates – Tinubu

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President Bola Tinubu has revealed why the central bank of Nigeria put an end to the multiple exchange rate in the country.

He disclosed that he decided to unify the official and parallel market rates to stop the bleeding of the country financially.

Tinubu said in Lagos said he could have decided to retain the multiple foreign exchange systems he met upon assuming office and benefit from it.

Tinubu made the disclosure on Thursday in statement by his Special Adviser to the on Special Duties, Communication and Strategy, Dele Alake.

The statement is titled ‘Why I chose to unify exchange rate, refused to take part in arbitrage – Tinubu.’

“I could afford to share the benefit by participating in the arbitrage, but God forbid! That’s not why you voted for me,” Tinubu said at a civic reception organised in his honour by the Lagos State Government at Lagos House, Marina.

He said he unified the exchange rates in the nation’s best interest just like he did with fuel subsidy removal.

Tinubu noted that these moves were imperative in the early days of his administration to “stop the bleeding of our finances.”

Tinubu said as a way of ensuring good use of available resources, the government will “re-engineer the effectiveness of the control and management of our resources in order to meet the obligations to Nigerians by political officeholders”.

Therefore, he solicited the support of governors present at the event to work with him in ensuring the even development of the country.

He affirmed that “We will work together with an open door policy. We will bring Nigeria from the brink of a resilient economy. I want us to be partners so that we can rescue our land and make it a born-again nation.”


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