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.
Plus234Feed summary based on reporting from Nigerian Tribune. Read the original report below.
Read full article
Continue on Nigerian Tribune
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Dollar Plummets 15.28% Against Naira, Tinubu's Reforms Praised
Nigeria's Economic Revival: Naira Strengthens, Exports Soar | Tinubu's Reforms
Tinubu Declares Nigeria Met 2025 Revenue Target Ahead of Schedule
Presidency Hails Tinubu's Reforms for Boosting Naira's Value and Confidence
Nigerian Naira Strengthens Against Dollar, CBN Cuts Interest Rate - Latest Updates
Tinubu's Adviser: Nigerians Benefit from Lower Food Prices
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
