Updated: Tinubu Promises Heads Will Roll In CBN To Achieve Single Exchange Rate

President Bola Tinubu has assured that heads will roll in the Central Bank of Nigeria (CBN) in his bid to end the multiple exchange regime in Nigeria.

Tinubu said a thorough house cleaning is necessary in the Godwin Emefiele-led CBN, as he aims to strengthen the ties between the fiscal and monetary policies.

He made this known after Muhammadu Buhari handed over the power to him on Monday, 29 May 2023, at the Eagles Square in Abuja.

Tinubu, who is the former Governor of Lagos State, said the dismissal will occur as the central bank work to transition the foreign exchange market from multiple exchange rates to a single exchange rate regime.

“Though, house cleaning, thorough house cleaning is necessary, the Central Bank of Nigeria (CBN) must work towards a single exchange rate,” Tinubu told Nigerians during the nationwide broadcast from Eagle Square.

Recall that in his manifesto, Tinubu hinted at stabilising the value of the naira against the Dollars and other currencies within a short term.

He said for this to work, there must be harmony between the fiscal and monetary policies. He also stated that his administration will increase the supply of foreign currencies which have been scarce in both the official window and black market.

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand,” Tinubu stated in his manifesto.

He went on to vow that in a short term, Naira to Dollar rate will be N300/$1, before settling at N200/$1 over the next four years.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years,” his campaign publication reads.