Presidency says naira has found true value after FX reforms, cites IMF fair value

The Presidency said the naira has found its true market value after the foreign exchange reforms introduced by President Bola Tinubu's administration. Special Adviser Bayo Onanuga told Arise Television that when Tinubu took office the official rate was about N400 to the dollar, while the parallel market was much higher, and the liberalised market has now let the currency reflect its actual worth.

Onanuga cited the International Monetary Fund's recent assessment that the naira's fair value is around N1,100 to the dollar, even though it currently trades above N1,300. He said this indicates the currency is undervalued relative to its fair level and could appreciate further. He also noted that about six million Nigerians have invested in the stock market since 2023 and have grown wealthier as local companies profit.

For households and businesses, a stronger naira could lower the cost of imported goods and ease inflationary pressure, but it may also make Nigerian exports less competitive and affect returns on foreign-currency assets. If you hold foreign currency or rely on imports, consider how exchange-rate shifts affect your budget; if you invest in stocks, note the linked wealth growth mentioned by the Presidency. How might a stronger naira change your spending or investment plans?

SOURCE: https://dailypost.ng/2026/06/24/naira-has-found-its-value-onanuga/