• Home
  • News
  • Entertainment
  • Tech
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
Federal Character
No Result
View All Result
Federal Character
  • Home
  • News
  • Entertainment
  • Tech
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
No Result
View All Result
Federal Character
No Result
View All Result
Elumelu Claims FX Market Crisis Is Over

Elumelu Claims FX Market Crisis Is Over

Eriki Joan UgunushebyEriki Joan Ugunushe
4 months ago
in News
Reading Time: 3 mins read
A A
0
Facebook ShareWhatsapp ShareX Share

Tony Elumelu, the Chairman of United Bank for Africa, has said that Nigeria’s foreign exchange market is now “totally sorted.” Speaking after a meeting with President Bola Tinubu at the Presidential Villa in Abuja, Elumelu praised the Central Bank of Nigeria and the Tinubu administration for creating predictability and stability in the economy. But for many Nigerians, the question remains: can they really believe that the FX crisis, which affected businesses and households for years, is truly over?

The claims come amid a period of uncertainty, where ordinary citizens are still grappling with access to dollars for imports, paying for essential goods, and managing businesses dependent on foreign exchange. While Elumelu’s assurances signal confidence from one of the country’s most prominent financiers, the reality on the ground may not feel as resolved to everyday Nigerians.

Elumelu Claims FX Market Crisis Is Over

Table of Contents

Toggle
  • A Market Transformed, or Just the Numbers?
  • Power Sector Woes Cast a Shadow
  • SMEs and the Future of Growth
  • Public Perception and Trust
  • Is the FX Crisis Truly Over?

A Market Transformed, or Just the Numbers?

Elumelu illustrated the shift in the FX market with a simple example. He said that before, if he received ten calls about banking issues, seven would be about how to access foreign exchange. Today, not even one call is about FX. “That market is totally sorted,” he asserted.

This, he claims, is the result of reforms under CBN Governor Olayemi Cardoso, including the unification of multiple exchange rate windows, the willing-buyer-willing-seller model, clearing a $7 billion verified backlog, and the introduction of the Electronic Foreign Exchange Matching System in 2024. Nigeria’s external reserves have also risen to over $43 billion in 2025, up from around $33.6 billion in 2023.

Yet, while statistics and numbers suggest stability, many businesses still report challenges. Small importers, traders, and manufacturers say delays in FX allocations remain common, and informal markets often operate at rates far above the official windows. This raises the question: is the FX market really “sorted,” or is it a success story visible only in official figures?

Power Sector Woes Cast a Shadow

Elumelu also emphasized the link between foreign exchange stability and other sectors of the economy, particularly power. He highlighted that payments owed by the Federal Government to power-generating companies have slowed growth and limited the electricity supply.

“Improvement in access to electricity is critical for economic development,” he said, calling on the government to fast-track payments. His Transcorp Group, which operates the Ughelli and Afam power plants, and holds a stake in the Abuja Electricity Distribution Company, is owed over N600 billion for electricity supplied to the grid.

Even if the FX market is functioning better, other structural problems, like unpaid debts in critical sectors, can undermine the overall economic picture. Stability in one area cannot fully offset instability elsewhere.

SMEs and the Future of Growth

Another focus of Elumelu’s discussion with President Tinubu was support for small and medium-scale enterprises (SMEs). Tax reforms, Bank of Industry programs, and other initiatives aim to empower entrepreneurs. While these programs are promising, their success depends on consistent policy implementation and availability of finance, which is closely tied to FX access.

For many SMEs, a lack of affordable dollars can still hinder importing raw materials, paying foreign suppliers, or maintaining operations. Even if the official market appears stabilized, challenges for small businesses remain pressing.

Public Perception and Trust

The question that Nigerians are asking is not only about numbers but also about trust. Elumelu’s confidence may reassure investors, but everyday citizens who suffered through years of FX scarcity may be more skeptical. Past promises of market stability often failed to materialize for small business owners and consumers, and rebuilding confidence takes more than statistics; it requires visible, tangible change.

Is the FX Crisis Truly Over?

On one hand, reforms, rising reserves, and official stability suggest significant progress. On the other hand, structural issues, unpaid debts, and ongoing complaints from businesses signal that challenges remain.

For ordinary Nigerians, the FX crisis is not just a financial issue; it affects daily life, business operations, and long-term economic confidence. While the CBN and government may have made strides, proving that the market is truly “sorted” will require more than statements from financiers.

Tags: BusinessElumelufederal characterFinanceFX MarketgovernmentNews
Share234SendTweet146
Eriki Joan Ugunushe

Eriki Joan Ugunushe

Eriki Joan Ugunushe is a dedicated news writer and an aspiring entertainment and media lawyer. Graduated from the University of Ibadan, she combines her legal acumen with a passion for writing to craft compelling news stories.Eriki's commitment to effective communication shines through her participation in the Jobberman soft skills training, where she honed her abilities to overcome communication barriers, embrace the email culture, and provide and receive constructive feedback. She has also nurtured her creativity skills, understanding how creativity fosters critical thinking—a valuable asset in both writing and law.

Related Stories

Bombardier Global 8000 Debuts in Africa With Delivery to BUA Group Chairman Rabiu

Bombardier Global 8000 Debuts in Africa With Delivery to BUA Group Chairman Rabiu

byAyobami Owolabi
0

A private jet owned by Abdulsamad Rabiu, Africa’s third-richest man, has been confirmed by Bombardier as the first delivery of its flagship Global 8000 in Africa. The aircraft’s...

New York's LaGuardia Airport: Delta Cancels Hundreds of Flights in 48 Hours as FAA Intervenes

New York’s LaGuardia Airport: Delta Cancels Hundreds of Flights in 48 Hours as FAA Intervenes

bySomto Nwanolue
0

Delta Air Lines has canceled hundreds of flights in just 48 hours as severe thunderstorms and damaging winds slammed New York City, prompting the FAA to intervene at...

California: 8 Dead After Air Force B-52 Bomber Crashes Shortly After Takeoff at Edwards Air Force Base

California: 8 Dead After Air Force B-52 Bomber Crashes Shortly After Takeoff at Edwards Air Force Base

bySomto Nwanolue
0

Eight people are dead after an Air Force B-52 Stratofortress bomber on a "routine test mission" crashed shortly after takeoff and burst into flames at Edwards Air Force...

US Teen Benadryl Overdoses Jump 30% as Poison Control Centers Issue National Warning

US Teen Benadryl Overdoses Jump 30% as Poison Control Centers Issue National Warning

bySomto Nwanolue
0

Poison control centers across the country are sounding the alarm. Teen overdoses on Benadryl have surged more than 30% in a single year, according to a new health...

Next Post
CAF Delays 2026 Women's Africa Cup of Nations till July, August

WAFCON 2026: Why Does Hosting Keep Returning to Morocco?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We bring to you precise and factual news

Recent Posts

  • Lagos Overtakes Nairobi, Johannesburg To Become Africa’s Most Expensive Office Market
  • U.S., Jamaica In Talks As Nation Signs Deal To Receive Third-Country Deportees
  • US: FBI Director’s Social Media Post on Foiled White House UFC Plot Frustrates Law Enforcement

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Sports
  • Tech

Weekly Newsletter

  • About
  • Advertise With Us
  • Cookie Policy

Copyright © FederalCharacter.com 2026 .

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
  • Entertainment
  • Tech
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health

Copyright © FederalCharacter.com 2026 .