President Bola Ahmed Tinubu has announced a significant shift in Nigeria’s economic policy, stating that the Naira to Dollar exchange rate will no longer be influenced by fluctuations in crude oil prices. This declaration, made on the occasion of Nigeria's 65th Independence Day on October 1, 2025, marks a departure from the traditional link between Nigeria's currency valuation and the oil market.
President Tinubu highlighted that the government aims to stabilize the Naira and reduce its vulnerability to global oil price volatility, which has historically impacted Nigeria’s foreign exchange earnings and economic stability. The move is expected to encourage diversification of Nigeria’s economy, promoting sectors beyond oil to strengthen national revenue.
On October 1, 2025, the Naira traded at about ₦1,483 to the US Dollar on the official FMDQ Security Exchange, showing relative stability despite global economic pressures. In parallel markets, the Naira remained close to ₦1,500 per Dollar, reflecting steady demand and supply dynamics.
This policy shift is part of broader economic reforms that President Tinubu has championed since his administration began, focusing on enhancing financial market integrity, boosting investor confidence, and fostering sustainable economic growth.