Forex crisis now behind us, says Elumelu

Chairman of United Bank of Africa, Tony Elumelu, has declared that Nigeria’s foreign exchange challenges are now a thing of the past, stating that businesses can access dollars without the hurdles that once defined the market.

Speaking with journalists after a meeting with President Bola Tinubu at the Presidential Villa in Abuja on Friday, Elumelu credited recent reforms by the Central Bank of Nigeria under Governor Olayemi Cardoso for restoring confidence and predictability to the economy.

He explained that concerns about foreign exchange, which previously dominated discussions within the banking sector, have virtually disappeared.

“In the past, most banking-related calls were about accessing foreign exchange,” he said. “Now, you hardly hear complaints about FX. The market has been stabilised.”

Elumelu, who also chairs Transnational Corporation of Nigeria (Transcorp) and serves on the Presidential Economic Council, praised the administration for giving the central bank the latitude to implement reforms effectively. According to him, policy consistency has made it easier for businesses to plan and operate with greater certainty.

Since Cardoso assumed office in September 2023, the apex bank has rolled out a series of measures aimed at overhauling the FX system. These include merging multiple exchange rate windows, adopting a willing-buyer-willing-seller framework, clearing a verified $7 billion FX backlog, and launching the Electronic Foreign Exchange Matching System to boost transparency.

Nigeria’s external reserves have also strengthened, rising to over $43 billion in 2025 from about $33.6 billion in October 2023, based on central bank data.

While commending progress in the financial sector, Elumelu urged the Federal Government to accelerate the settlement of debts owed to power generation companies. He stressed that improved electricity supply remains vital to sustaining economic growth.