Elumelu Praises Tinubu for Stabilizing Nigeria's FX Market

Deji Elumelu, the Chairman of Heir Holdings, stated that the foreign exchange market in Nigeria has stabilized under President Bola Tinubu's administration. Speaking to newsmen after a closed-door meeting at the Presidential State House in Abuja, Elumelu noted significant progress in the foreign exchange market and commended the direct monetary policies and reforms initiated by the Central Bank of Nigeria (CBN).

He highlighted that access to foreign exchange is no longer a dominant issue, with a notable decrease in calls to banks regarding foreign exchange access. Elumelu praised the CBN leadership for implementing reforms that strengthen confidence in the economy.

He also discussed the necessity of empowering small and medium enterprises (SMEs) as a key driver of growth and expressed satisfaction with the performance of the banking industry and the Bank of Industry. Furthermore, he emphasized the importance of improving electricity supply and urged the government to expedite payments owed to power generation companies to enhance access to electricity.