What Tinubu Said Concerning Exchange Rate, Petrol Prices Inflation

What Tinubu Said Concerning Exchange Rate, Petrol Prices Inflation

President Bola Tinubu, in a national broadcast on Monday evening, assured the public that his government is closely monitoring the impact of exchange rates and inflation on petrol prices (PMS).

He stated that if necessary, they will intervene to address any adverse effects. Tinubu further emphasized that the nation is transitioning from challenging times to a new and promising era.

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It’s worth noting that President Tinubu had previously declared an end to petrol subsidy during his inauguration speech on May 29.

Following this announcement, petrol prices surged from below N200 to over N500, and subsequently increased to N570 in Lagos and over N600 in some other regions of the country.

Additionally, in line with his promise to unify exchange rates, the Central Bank of Nigeria (CBN) successfully collapsed all FX windows into the investors & exporters (I&E) window, effectively unifying the exchange rate. Further guidelines on these operational changes will be communicated to authorized dealers and the general public as necessary.