Postulations affecting FX market… not everyone is an expert, says Tinubu

President Bola Tinubu says Nigerians should allow those assigned to manage Nigeria’s foreign exchange to perform their duties.

Tinubu, during an emergency meeting on Thursday at the State House, Abuja, said everyone can not be an expert and postulations on the fluctuation of foreign exchange rates are adversely affecting the market.

The meeting had in attendance, Vice-President Kashim Shettima, 36 state governors, some ministers, the national security adviser, the inspector-general of police, and the director-general of the Department of State Services (DSS).

The naira has been depreciating against the dollar, declining to N1,534/$1 on February 12, 2024, in the official window, to set a new all-time low — while the parallel rate was N1,500/$.

According to Tinubu, if those appointed to manage the foreign exchange fail, they will be removed from the system.

“The “cacophony of postulations” on the fluctuation of foreign exchange rates is adversely affecting the market. Not everyone can be an expert,” Tinubu said.

“If we have assigned someone a task, we must allow them to perform it. If they fail, then we must find a way to quickly remove them from the system.”

Also, Tinubu told governors to always prioritise the welfare and prosperity of Nigerians in their development programs, while assuring them the federal government will continue to work diligently to improve the nation’s revenue profile.