ELUMELU SAYS NIGERIA’S FOREIGN EXCHANGE MARKET STABILIZED, DOLLAR SCARCITY OVER

ELUMELU SAYS NIGERIA’S FOREIGN EXCHANGE MARKET STABILIZED, DOLLAR SCARCITY OVER


The foreign exchange market in Nigeria has been “fully stabilized,” with businesses now experiencing improved access to dollars, Chairman of the United Bank for Africa (UBA), Tony Elumelu, has said.

Elumelu made the remarks after meeting President Bola Tinubu at the Presidential Villa in Abuja on Friday. He commended the Central Bank of Nigeria (CBN), led by Governor Olayemi Cardoso, for bringing predictability and stability to the economy.

“There was a time when the majority of banking inquiries were about accessing foreign exchange. Today, that is no longer the case. The market is totally sorted,” Elumelu told State House correspondents.

The billionaire banker, who also chairs Transcorp and serves on the Presidential Economic Council, credited the Tinubu administration for creating an enabling environment for the CBN to implement reforms.

Since September 2023, under Governor Cardoso, the CBN has unified multiple exchange rate windows, introduced a willing-buyer-willing-seller model, cleared a verified $7 billion foreign exchange backlog, and launched the Electronic Foreign Exchange Matching System in October 2024 to boost transparency. Nigeria’s external reserves also increased to over $43 billion in 2025, up from about $33.6 billion in October 2023.

Elumelu highlighted that while access to foreign exchange has improved, the government should expedite payment of debts owed to power-generating companies to enhance electricity supply, a key factor for economic growth.

“Improved electricity access is critical for economic development. The President is committed to ensuring that payments to power generators are fast-tracked, allowing them to provide more electricity to the nation,” he said.

Transcorp Group, chaired by Elumelu, operates the Ughelli Power Plant (972MW) and Afam Power Plant (1,000MW), and holds a 60 percent stake in the Abuja Electricity Distribution Company. The group is owed over N600 billion ($400 million) by the federal government for electricity supplied to the national grid.

Elumelu also noted discussions with President Tinubu on supporting small and medium-scale enterprises (SMEs), including tax reforms and initiatives by the Bank of Industry to empower entrepreneurs.

“The President is passionate about capacitating SMEs, and he has encouraged relevant institutions to increase support for small and medium-scale businesses across Nigeria,” Elumelu added.

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