Nigeria’s new president, Bola Ahmed Tinubu, has heralded a significant policy shift by announcing the government’s decision to unify the exchange rate, effectively replacing the previous multiple exchange rate system that characterized the Buhari’s administration.
This momentous declaration was made during his inaugural speech on May 29th, 2023, setting a clear path for economic stability and harmonization.
President Tinubu’s administration wasted no time in enacting its first policy directive, which involves the removal of fuel subsidies. Citing the escalating costs and dwindling resources, he emphasized that sustaining these subsidies can no longer be justified.
