Elumelu Declares End of Nigeria's FX Market Crisis

Tony Elumelu, Chairman of United Bank for Africa, claimed that the foreign exchange (FX) market crisis in Nigeria is over during a meeting with President Bola Tinubu at the Presidential Villa in Abuja. He praised the Central Bank of Nigeria (CBN) and Tinubu's administration for creating a more predictable and stable economic environment.

Despite this assertion, many ordinary Nigerians continue to struggle with accessing dollars for imports, which affects businesses reliant on foreign exchange. Elumelu highlighted that while the CBN has made strides, such as introducing a unified multiple exchange rate window and addressing a $7 billion backlog, challenges remain.

He noted that small import traders and manufacturers still face difficulties due to delays in FX allocations and high operational rates. Elumelu emphasized the need for the government to expedite payments to power companies, which are owed significant debts, as this impacts economic growth and electricity supply.

He called for consistent policy implementation to empower small and medium enterprises, which are hindered by lack of access to foreign currency.