Dollar Plummets 15.28% Against Naira, Tinubu's Reforms Praised

The US dollar crashed by 15.28% against the Naira, with the Budget Office attributing the Naira's rise to reforms and increased inflow. The Nigerian currency appreciated to Naira per dollar in August 2025, marking a significant recovery since March 2024.

President Bola Tinubu's decision to remove the fixed exchange regime in 2024 was praised for restoring investor confidence and creating a transparent market. The Budget Office emphasized the importance of sound policies for sustaining economic transformation.

The updated exchange rates showed the Naira's strongest performance in the Nigerian Foreign Exchange Market for the month.