Tinubu’s FX Gamble Turns Naira Into Export Powerhouse

By TANIMU YAKUBU

WHEN President Bola Tinubu scrapped Nigeria’s rigid forex regime in 2024, critics called it a currency collapse as the naira sank to ₦1,800/$1. But by August 2025, the naira had rebounded to ₦1,525/$1—thanks to policy shifts that cleared $4bn in FX backlogs, boosted investor trust, and unified the exchange market.

The weaker but realistic rate made Nigerian exports globally competitive. Non-oil exports jumped 20% year-on-year to $3.2bn in H1 2025, with volumes also rising—proof buyers weren’t just paying more, they were buying more.

For exporters, dollar earnings converted into more naira, spurring reinvestment into value-added goods. For the economy, fresh FX inflows fed a virtuous cycle: stronger exports → stronger naira → higher investor confidence.

Critics saw a collapsing currency; the government sees a long-term growth engine. With reforms holding, the naira is no longer just money—it’s Nigeria’s new weapon for global competitiveness.