From EFCC, Police Cells To Freedom: Tinubu Broke Chains Of Opaque FX Availability

Since his inauguration in 2023, President Bola Ahmed Tinubu has embarked on bold economic reforms to end Nigeria’s erratic monetary policy somersaults. Central to these was the floating and unification of the naira — a decisive break from the artificial, multiple-rate FX regime that once dictated the rules. The change has brought palpable relief, especially for FX traders and businesses previously trapped in opaque practices that bred corruption, debt, and even criminal prosecutions. Before the reforms, Nigeria’s FX market was a dangerous terrain for anyone without insider access. Rates were unstable, with the gap between official and parallel markets swinging by ₦300–₦400 in a single day. Ordinary transactions could escalate into criminal cases. Many FX dealers, importers, and businesspeople fell into crushing debt because the naira-dollar rate shifted dramatically between when deals were struck and when payments were made — often manipulated by individuals fixing rates on their systems. The consequences were brutal. Disputes turned into petitions; petitions turned into police or EFCC cases. A simple transaction gone awry could mean detention, court battles, or months in jail. It was not uncommon to find that 70–80% of business-related detainees in police stations or EFCC cells were there over FX disagreements. Trust collapsed, and only those with the right “connections” could navigate the system. Under the old regime, businesses seeking dollars from the Central Bank of Nigeria (CBN) had to navigate unrealistic official rates of ₦500–₦600 per dollar while the parallel market quoted close to ₦1,000. Access to official FX was virtually unattainable without lobbying. Dr. Abdul Samad Rabiu, Chairman of BUA Cement, recalls: “Before now, I used to visit the CBN every two weeks to lobby for FX. That was the only way to survive.” This system rewarded influence over productivity. As former CBN Governor and present Emir of Kano, Alhaji Sanusi Lamido Sanusi, once observed, some became multi-billionaires “merely by having enough connections to have locations.” The volatility, sharp rate gaps, and lack of transparency turned debt, distrust, and detention into occupational hazards for FX players. For smaller dealers, the risks were even harsher. Imagine agreeing to sell $2 million at ₦1,000 per dollar, only for the rate to spike to ₦1,300 within hours. Either the seller took a huge loss or the buyer paid hundreds of millions more than planned. Many chose neither, instead rushing to the police, EFCC, or courts — often triggering harassment, asset freezes, and prolonged detention. From 2009 to early 2023, this was the norm. On June 14, 2023, Tinubu’s administration scrapped the multiple FX windows, adopting a “willing buyer, willing seller” framework. The naira initially dropped sharply, unifying the market and eliminating rationed FX access. Rabiu confirms: “Now, the rate you get is what everyone else gets. You go to the bank, you get FX at the market rate.” The reform went beyond economics. It restored dignity and curtailed the weaponisation of FX disputes. Lobbying and favouritism gave way to transparency. Civil and criminal cases arising from FX disagreements sharply declined, and the massive price gaps that triggered overnight debts disappeared. The effects on business are visible. BUA Cement, once battered by FX losses, posted ₦81 billion in post-tax profit in Q1 2025, with projections of ₦250 billion for the year. Rabiu credits the FX reforms with easing commodity price pressures and stabilising operations. While inflation and cost-of-living challenges remain, the FX market no longer operates as a state-sanctioned trap. By floating the naira and unifying exchange rates, Tinubu did more than reshape financial mechanics. He freed countless Nigerians from cycles of debt, fear, and institutional harassment, creating a level playing field for genuine commerce. The reformed FX system serves all at the same rate, empowers honest business, and reduces arbitrary detentions. In rescuing the naira from artificial control, Tinubu also rescued Nigerians from a system where currency instability was weaponised against them. In the court of public opinion, that liberation is worth remembering. Yes — Tinubu broke the chain, rescued the oppressed, and set the captives free. Like the biblical wall of Jericho that fell flat, forever remembered by the faithful, so will Nigeria’s forex community remember President Bola Ahmed Tinubu for setting them free. Adewale, spokesperson, Accountability and Policy Monitoring, writes from Abuja