Tinubu vs Reality: Claimed Dollar ₦1,900, Actually ₦460 – Who Is Misleading the President?

By Mohammed Bello Doka 

President Bola Ahmed Tinubu has once again stirred controversy with his latest remarks on Nigeria’s exchange rate, leaving many Nigerians wondering whether their leader is out of tune with reality or deliberately being misled by those around him. Speaking recently, Tinubu claimed that when he assumed office in May 2023, he met the dollar at ₦1,900. This statement, however, flies directly in the face of verifiable data from the Central Bank of Nigeria (CBN), which shows that the official exchange rate at the time was around ₦460 to the dollar.

The President’s declaration has not only raised questions about the accuracy of his economic narrative but has also fueled speculation that his handlers may be feeding him distorted information to shield him from the harsh realities on the ground. By claiming he inherited a dollar at ₦1,900, Tinubu not only contradicted official statistics but also attempted to rewrite the economic history of Nigeria in a way that absolves him of responsibility for the sharp depreciation of the naira under his watch.

It is important to note that the naira’s slide to its current levels—hovering between ₦1,450 and ₦1,600 in the official window—did not occur under the previous government. Instead, it was the result of Tinubu’s own policy direction. The decision to unify the exchange rate, while touted as a bold reform, unleashed a wave of volatility that pushed the naira into a free fall. What Tinubu “met” was a dollar pegged officially at ₦460, with a black-market parallel rate of about ₦750. But under his administration, Nigerians have watched helplessly as the naira plummeted, at one point exchanging at over ₦1,900 in the parallel market before settling at its current fragile state.

For context, when former President Muhammadu Buhari left office in May 2023, the CBN’s official rate stood at ₦460 to the dollar, while the parallel market hovered between ₦730 and ₦750. Today, under Tinubu, the official rate has crashed to between ₦1,450 and ₦1,600, while the black market rate has touched as high as ₦1,900. This clear trajectory makes it obvious that the currency crisis is the outcome of Tinubu’s policies, not the reality he claims to have inherited.

Critics argue that Tinubu’s attempt to present himself as having rescued the naira from a mythical ₦1,900 starting point is nothing short of deception. By blurring the line between the official and parallel markets, the President appears to be bending reality to fit a narrative of progress where none exists. Instead of acknowledging that his reforms triggered the unprecedented depreciation of the naira, he has chosen to paint a picture that portrays his leadership as a savior of the currency.

This has reignited a long-standing debate about whether President Tinubu is in touch with the lived experiences of ordinary Nigerians. Over the past two years, his government has been dogged by accusations of being detached from the economic realities that citizens face daily. With food prices skyrocketing, transportation costs out of reach for the average worker, and businesses struggling to survive under the crushing weight of forex shortages, the President’s remarks about inheriting a dollar at ₦1,900 feel like salt rubbed into an open wound.

The suspicion that Tinubu’s handlers are deliberately feeding him false information has further complicated the matter. Political analysts suggest that his inner circle may be constructing a protective bubble around him, ensuring he remains unaware of the true impact of his policies. If that is the case, then Nigeria’s problems go far beyond economic mismanagement; they extend into the dangerous territory of governance by illusion, where the leader of the country operates based on fiction rather than fact.

The irony is not lost on Nigerians who recall that when Tinubu came into office, his administration justified the removal of fuel subsidy and the floating of the naira as necessary sacrifices to strengthen the economy. But over two years later, the outcomes tell a different story: spiraling inflation, a battered currency, and an overwhelming sense of despair among citizens. To now turn around and claim that he met the dollar at ₦1,900 when in fact he inherited it at ₦460 only reinforces the perception that the President is either out of tune with reality or is being deliberately deceived.

Whether Tinubu’s statement was a slip of the tongue, a deliberate attempt to gaslight the nation, or evidence of a President trapped in a bubble of misinformation, the implications are troubling. If the Commander-in-Chief cannot accurately state the exchange rate he inherited barely a year ago, how can Nigerians trust the economic direction he promises to deliver?

As the controversy continues, one thing remains clear: the naira did not collapse to ₦1,900 before Tinubu assumed office. It collapsed after. And no amount of historical revisionism can change that fact.