Tinubu: Naira has stabilised, FX rate no longer tied to oil price fluctuations

President Bola Tinubu says the naira has regained stability after experiencing volatility between 2023 and 2024.

Tinubu spoke on Wednesday during his Independence Day speech.

The president said the value of the naira against the dollar is no longer tied to changes in crude oil prices.

“The naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows,” he said.

“The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.”

On September 16, the naira appreciated to N1,497.46 per dollar at the official foreign exchange (FX) market.

‘NIGERIA’S FX RESERVES AT HIGHEST LEVEL SINCE 2019’

Tinubu said Nigeria has a stronger foreign reserve position than three years ago, rising to the highest since 2019.

“We have a stronger foreign Reserve position than three years ago. Our external reserves increased to $42.03 billion this September—the highest since 2019,” he said.

Nigeria’s foreign exchange (FX) reserves rose to $41 billion on August 19 – the highest in four years.

On September 23, Nigeria’s FX reserves grew by $1.03 billion in one month.

Tinubu further said the country has also attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion.

“In September 2025 alone, we raised N3.65 trillion, 411 percent higher than the amount raised in May 2023,” he said.

Furthermore, the president said the country’s tax-to-gross domestic product (GDP) ratio has risen to 13.5 percent from less than 10 percent.

“The ratio is expected to increase further when the new tax law takes effect in January,” he said.

“The tax law is not about increasing the burden on existing taxpayers but about expanding the base to build the Nigeria we deserve and providing tax relief to low-income earners.”

TINUBU SAYS OIL PRODUCTION REBOUNDED TO 1.68M BPD OVER IMPROVED INVESTMENT

Tinubu said Nigeria’s oil production has increased to 1.68 million barrels per day (bpd), up from 1 million bpd in May 2023.

“Oil production rebounded to 1.68 million barrels per day from barely one million in May 2023. The increase occurred due to improved security, new investments, and better stakeholder management in the Niger Delta,” the statement reads.

“Furthermore, the country has made notable advancements by refining PMS domestically for the first time in four decades.

“It has also established itself as the continent’s leading exporter of aviation fuel.”

Nigeria’s oil production output dropped to 1.43 million bpd in August, according to the Organisation of Petroleum Exporting Countries (OPEC).