Elumelu Declares End to Nigeria's Forex Market Crisis

On February 13, 2026, Toni Elumelu, a prominent Nigerian entrepreneur and chairman, declared the crisis in Nigeria's foreign exchange market over during a meeting with President Bola Tinubu at the Presidential Villa in Abuja. Elumelu noted that businesses would no longer experience severe constraints in accessing foreign exchange, attributing this improvement to reforms introduced by the Central Bank of Nigeria (CBN).

He commended President Tinubu for creating an enabling environment for the CBN's team to implement monetary reforms beyond foreign exchange. Elumelu also highlighted ongoing discussions regarding reforms in the electricity sector, with Tinubu committing to improving power access and settling outstanding debts owed to power generation companies.

His comments indicated growing confidence among business leaders regarding the stability of Nigeria's foreign exchange market, which is expected to enhance macroeconomic stability, reduce speculative pressures on the naira, and curb inflationary pressures. The CBN's recent approval for Bureau de Change operators to purchase $150,000 weekly aims to deepen liquidity in the foreign exchange market.