Why I Chose To Unify Exchange Rate, Refused To Partake In Arbitrage – Tinubu

Eko Hot Blog reports that President Bola Ahmed Tinubu Thursday in Lagos 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.

Speaking at a reception organised in his honour by the Lagos State Government at the Lagos House, Marina, Tinubu said he took the decision 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.

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,” he said.

Tinubu, who was thankful to the Lagos State Government for putting together the reception and to his friends and associates who attended, apologised to some of his friends in the audience who, he said, had been yearning to see him but could not, because of the demands of his office.

“The assignment is greater than the love of the living room. We got to do the job,” he said.

The Central Bank of Nigeria (CBN) recently announced the unification of the official and parallel market exchange rates after the president promised to take action in his inaugural speech on May 29, 2023.

The unification came less than two weeks after Tinubu suspended Godwin Emefiele as the CBN governor.

Emefiele has remained in DSS custody for “some investigative reasons.”