Fact Check: Tinubu's Claim of N1,900/$ Exchange Rate in 2023 Debunked

A fact-check was conducted on President Bola Ahmed Tinubu's claim of encountering a Naira exchange rate of N1,900/$ in 2023. The analysis revealed that upon Tinubu's assumption of office in May 2023, Nigeria operated on a multi-tier exchange rate system, including an official rate managed by the Central Bank of Nigeria (CBN) and a parallel market rate.

The Naira experienced significant devaluation in 2023 due to economic reforms, including the removal of fuel subsidies and the unification of the exchange rate. Tinubu's claim of a N1,900/$ exchange rate in 2023 was found to be inaccurate based on the economic context during that period.