Tinubu breaks silence on forex unification




President Bola Ahmed Tinubu said he could have chosen to maintain the hitherto multiple foreign exchange systems and benefit from it, but instead opted to unify the official and parallel market rates to save the country from financial hemorrhage.

Dele Alake, the Special Adviser,Special Duties, Communications and Strategy to the President disclosed this in a statement on Thursday, when Tinubu was speaking at a civic reception organised in his honour by the Lagos State Government at the Lagos House, Marina.

Tinubu said he said he took the decision of forex unification in the nation’s best interest just like he did with fuel subsidy removal.

“I could afford to share the benefit by participating in the arbitrage, but God forbid! That’s not why you voted for me,” he said.

The President said it was imperative to take those decisive actions in the early days of his administration.

“We need to take the steps to stop the bleeding of our finances through speedy action on fuel subsidy. We have no choice,” he said.

President Tinubu said as a way of ensuring good use of available resources, the government would “re-engineer the effectiveness of the control and management of our resources in order to meet the obligations to Nigerians by political officeholders.”

The President used the opportunity to solicit the support of governors present at the event to work with him in ensuring even development of the country.

“We will work together with an open door policy. We will bring Nigeria from the brink to a resilient economy. I want us to be partners so that we can rescue our land and make it a born-again nation.”

The Central Bank of Nigeria had announced operational changes to the foreign exchange market leading to floating of Naira in the Investors and Exporters’ window.