Business magnate Tony Elumelu has declared that the era of foreign exchange scarcity in Nigeria is over, praising President Bola Tinubu’s reform efforts during a meeting at the Presidential Villa in Abuja on Friday.
The Heirs Holdings chairman and Presidential Economic Council member stated that the Central Bank Governor’s team has restored “predictability and stability” to the economy. “Today, if you get ten calls, not even one is about FX. That market is effectively sorted,” Elumelu said.
He also discussed power sector debts, urging fast-tracked payments to enable generating companies to expand capacity, and highlighted Tinubu’s commitment to supporting SMEs through tax reforms and the Bank of Industry.
Key Points:
The end of FX scarcity would ease business planning, reduce costs, and stabilise prices for consumers.
It signals improved confidence in the economy, potentially attracting investment and growth.
Businesses gain predictability, while the CBN’s policy framework receives high-profile endorsement.
This reflects growing private sector confidence in the direction of monetary policy.
The timing, with Elumelu’s public endorsement, reinforces positive narratives around economic reforms.
Elumelu’s assessment, if sustained, suggests Nigeria has navigated its worst FX volatility, though long-term stability requires continued discipline.
Sources: Channels Television, Presidential Villa