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Why CBN Unified Exchange Rates- Tinubu

Dele Alake, confirmed this in a late Thursday statement titled ‘Why I chose to unify exchange rate, refused to take part in arbitrage – Tinubu.’

By Denyefa Eniekenemi: 

President Bola Tinubu, speaking in Lagos on Thursday, expressed his decision to unify the official and parallel market exchange rates to prevent financial losses for the country, despite the opportunity to benefit from the existing multiple foreign exchange systems.

Tinubu made this statement during a civic reception organized by the Lagos State Government at Lagos House, Marina, where he was honored. The President’s Special Adviser on Special Duties, Communication, and Strategy, Dele Alake, confirmed this in a late Thursday statement titled ‘Why I chose to unify exchange rate, refused to take part in arbitrage – Tinubu.’

Tinubu emphasized that his actions were in the best interest of the nation, similar to his approach in removing fuel subsidies, and were necessary to stop the financial hemorrhage in the early days of his administration. He stressed that there was no alternative but to take these measures. Furthermore, Tinubu expressed his intention to improve the control and management of resources to fulfill the obligations of political officeholders towards Nigerians. He called for the support of the governors present at the event to collaborate in achieving equitable development across the country.

Governor Babajide Sanwo-Olu of Lagos State praised Tinubu as a capable manager of both human and financial resources, capable of revitalizing Nigeria’s economic prospects.

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