Abuja, Nigeria – Nigerian entrepreneur Tony Elumelu has declared the country’s foreign exchange crisis over, saying businesses no longer face the severe access constraints that previously disrupted operations.
Okay News reports that Elumelu, Chairman of Heirs Holdings, spoke Friday after meeting President Bola Tinubu at the Presidential Villa in Abuja. He attributed the stability to Central Bank of Nigeria reforms, which he said have restored economic predictability.
Elumelu highlighted a striking shift in business conditions. “I told someone recently that there was a time when, if I received ten calls regarding banking, seven would be about how to access foreign exchange,” he said. “Today, if you get ten calls on banking issues, not even one is about FX. That market is totally sorted.”
Beyond forex, Elumelu discussed electricity sector reforms. He said Tinubu is committed to improving power access by accelerating debt payments to generating companies. “All of us in the power sector are owed significantly, yet we continue to generate electricity,” Elumelu noted. “We want to see these payments made.”
His comments signal growing business confidence in foreign exchange market stability. Improved access to hard currency helps companies import raw materials, reduces operational disruptions, and enables smoother international transactions. A stable foreign exchange environment also curbs speculative pressure on the naira.
The Central Bank recently approved Bureau De Change operators to purchase up to $150,000 weekly in the official market, aiming to narrow the gap between official and parallel rates.
What happens next depends on sustaining these reforms and addressing power sector debts.
