Elumelu: FX Now Stable Under Tinubu

.Says forex demand by businesses has eased with market predictability

Deji Elumoye in Abuja

Chairman of Heirs Holdings, Mr. Tony Elumelu, has disclosed that Nigeria has recorded major progress in the foreign exchange market.According to him, stability and predictability have returned under the economic reforms of President Bola Tinubu and the Central Bank of Nigeria (CBN).Elumelu spoke to newsmen on Friday after a closed-door meeting the President at the State House, Abuja, where he reviewed the state of the economy and commended the direction of monetary policy.He stated that the reforms have changed the nature of business concerns in the financial system, as access to foreign exchange is no longer the dominant issue it once was.His words: “I told someone, I said there was a time before if I got 10 calls on banking issues, seven of those calls was about how to access foreign exchange. Today, if you get 10 calls on banking issues, not even one is on FX, that market is totally sorted”.He described the current atmosphere as encouraging, saying the most important factor for investors and entrepreneurs is the ability to predict the direction of economic policy and market conditions.“If you see what the Central Bank Governor and his team are doing, it’s quite encouraging; we’ve had some predictability and stability”.Elumelu added that the President deserved credit for creating the enabling space for the CBN leadership to implement reforms that are strengthening confidence in the economy.To complement the FX gains, the reknowned enterpreneur said he also discussed with Tinubu the need to further empower small and medium scale enterprises (SMEs), which he described as the engine of growth.Acvording to him, the President was “very passionate” about supporting entrepreneurs, and spoke about how tax reforms and development finance could be used to deepen opportunities for small businesses.Elumelu said the President also expressed satisfaction with the performance of the Bank of Industry (BOI), adding that Tinubu wants the institution to expand its support for SMEs nationwide.Elumelu also emphasised that improving electricity supply remains central to nation’s economic development, noting that the President is committed to fast-tracking the payment of outstanding debts owed to power generation companies.“Mr. President realises this, embraces it, and is committed to doing more, especially helping to fast-track the payment of the power sector debt so that the power generators can do more for the country,” he said.Elumelu stressed that settling the debts would help boost generation and expand access to electricity, which he described as critical for productivity and growth.He expressed happiness about Tinubu’s commitment to stabilising the economy, supporting young entrepreneurs, and strengthening the power sector to drive sustainable development.