Chairman of the United Bank for Africa, Tony Elumelu, has declared the the problem of scarcity of foreign currencies in the country has become a a thing of the past.
The banking guru made the remark after he met President Bola Ahmed Tinubu in Aso Rock, Presidential Villa in Abuja, the nation’s capital on Friday.
Speaking with State House Correspondence after the meeting with the president, the banker said the number of calls he used to receive from Nigerians to assist them get foreign currencies have reduced tremendously, saying this is as a result of the monetary policy of the Central Bank of Nigeria, CBN and President Bola Ahmed Tinubu.
The foreign exchange market in Nigeria has been “totally sorted,” with businesses no longer plagued by the difficulties that once characterized access to dollars,
Elumelu, who spoke to State House correspondents after meeting President Bola Tinubu at the Presidential Villa, Abuja, on Friday, said the Central Bank of Nigeria under Governor Olayemi Cardoso had brought predictability and stability to the economy.
He stressed that things have indeed changed, regarding the forex problems in the country which he said has now been “sorted” because of the deliberate efforts of the federal government and CBN.
“There was a time before if I got 10 calls on banking issues, seven of those calls was about how to access foreign exchange,” he said.
“Today, if you get 10 calls on banking issues, not even one is on FX. That market is totally sorted.
“If you see what the Central Bank Governor and his team are doing, it’s quite encouraging; we’ve had some predictability and stability.”
He said with the stability in the exchange rates, the country can now plan, saying the president has allowed the CBN Governor, Yemi Cardoso free hands to direct the country’s monetary policies.
“What’s important is to be able to predict, in an economy, the direction of things, so you can plan very well.
“Mr President also should be commended for creating that space for the governor to do what he and his team are doing.”
Meanwhile, the naira again depreciated slightly against the US dollar, closing at N1,358 per dollar at the Nigerian Foreign Exchange Market, NFEM, on Friday.
According to the data released on the official site of the Central Bank of Nigeria, CBN, the Nigerian currency traded at the NFEM rate of N1,355.4181 per dollar and closed the market at a rate of N1,358 per dollar.
This therefore shows an N3 loss to the US Dollar compared to Thursday, 12th February 2026, when the naira traded at an average of N1,353.6556/$ and closed at N1,355/$.
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