President Bola Tinubu has explained why Nigeria’s central bank ended the country’s multiple exchange rate system.
He acknowledged that he made the decision to align the official and black market rates in order to stop the financial bleeding of the nation.
Tinubu claimed that he could have chosen to keep the many foreign currency systems he encountered upon taking government and profit from them.
Dele Alake, Tinubu’s special adviser on special duties, communication, and strategy, revealed the information in a statement on Thursday.
The statement is titled ‘Why I chose to unify exchange rate, refused to take part in arbitrage – Tinubu.’
“I could afford to share the benefit by participating in the arbitrage, but God forbid! That’s not why you voted for me,” Tinubu said at a civic reception organised in his honour by the Lagos State Government at Lagos House, Marina.
He said he unified the exchange rates in the nation’s best interest just like he did with fuel subsidy removal.
Tinubu noted that these moves were imperative in the early days of his administration to “stop the bleeding of our finances.”
Tinubu said as a way of ensuring good use of available resources, the government will “re-engineer the effectiveness of the control and management of our resources in order to meet the obligations to Nigerians by political officeholders”.
Therefore, he solicited the support of governors present at the event to work with him in ensuring the even development of the country.
He affirmed that “We will work together with an open door policy. We will bring Nigeria from the brink of a resilient economy. I want us to be partners so that we can rescue our land and make it a born-again nation.”