No be small matter o! When President Bola Ahmed Tinubu shake things up for Nigeria foreign exchange regime for 2024, people peppered their mouth with talk say na currency collapse we dey see. The naira jump down like say e wan sabi fly, land for ₦1,800 per dollar in March 2024. The headlines? They no gree relax, dem dey scream like say na earthquake. But under all that wahala, na serious economic war strategy dey play out—na custom-made, high-risk recalibration wey don begin show im face for 2025.
Fast forward to August 2025, see as naira don rise back to ₦1,525/$1. Na 15.28% strong gain in just five months—abi you sabi say na roughly 48.9% annualised pace? No be luck, my people; na clear policy work we dey see. Oil money don increase, di remittances from abroad dey swell like river after heavy rain, and dem don clear over $4 billion foreign exchange backlog, bringing back investor trust chop.
Dem don finally join all of Nigeria foreign exchange markets together, create one transparent market rate—so naira don finally fit show im real value. Why dis matter? Because when naira get correct price, e dey change how we dey do trade. Nigerian goods wey before dey overly pricey for dollar, now don become ‘buy one get one free’ for international market. For places like New York, Mumbai, or São Paulo, a bag of sesame seeds, cocoa beans, or even processed chocolate no go cost like say na gold dem dey sell.
The reaction? E no take time; exports wey no get anything to do with oil jump from $2.696 billion for H1 2024 reach $3.225 billion for H1 2025—dat na 19.62% increase year-on-year. And this no be say na mirage; export volumes fly from 3.83 million metric tonnes to 4.04 million. Foreign buyers no just dey pay more for the same goods; dem dey buy plenty goods, no wahala.
See as everything dey work like magic: Nigerian goods dey cheaper than competitors’ for foreign market. For home, exporters dey smile as naira value of their earnings don rise, allowing dem to reinvest for better production—turning raw cocoa into chocolate bars wey go sweet for mouth, and raw sesame into bottled oil. And the economy? E dey dance as export dey bring foreign exchange back, strengthening naira without making am lose im value.
This na classic ‘feedback loop’ wey economists dey dream about: 1. FX Reform → Realistic Naira 2. Cheaper USD Prices → Export Boom 3. Export Boom → FX Inflows 4. FX Inflows → Naira Stability 5. Naira Stability → Investor Confidence & Long-Term Growth.
The koko be say dis cycle dey feed itself. As Nigerian goods dey collect more market share globally, exchange dollars dey flood back, piloting naira stability. Dat one dey lower risk for investors, inviting more money to come, wey go strengthen reserves again. Dem wey don dey shout ‘worthless naira’ miss the major gist: floating currency no be sign of weakness—na im be tool wey fit make nation competitive.
By no gree follow market set naira down with small reserves, Tinubu administration don set Nigeria for road kwa to sustainable, export-driven growth. If Nigeria fit maintain dis path, naira recovery no go just be about exchange rates—it go tell story of economy wey don learn how to use im currency as competitive weapon for global stage. Na so the matter be!
Do you have a news tip for NNN? Please email us at editor@nnn.ng
