Edge Of The World

How Tinubu’s FX Revolution Is Rebuilding Nigeria’s Financial Market. Edge Of The World The Naira Reset The Naira has been through one of the most turbulent periods in Nigeria’s economic history. But beneath the headlines about the dollar rate, something bigger is happening: Nigeria is rebuilding the way its foreign-exchange market actually works. THE REAL STORY IS BIGGER THAN THE DOLLAR RATE For years, Nigeria had a foreign-exchange market that was difficult to understand. There were different exchange-rate windows. There were shortages of dollars. Businesses struggled to obtain foreign currency. Investors worried about whether they could bring money into Nigeria — and, just as importantly, whether they could get it back out. The difference between official and parallel-market rates became a symbol of the problem. President Bola Ahmed Tinubu’s administration decided that the system itself had to change. The Central Bank of Nigeria moved towards a more market-based foreign-exchange regi...

From highways and power to investment, stronger institutions and a major ICC victory, the Renewed Hope agenda is moving beyond reform into nation-building. Edge Of The World BUILDING THE FUTURE Yesterday, we looked backwards at the Nigeria President Bola Ahmed Tinubu inherited Today, let’s look forward. The Tinubu presidency cannot be judged only by the difficult economic decisions of its first years. The bigger question is: What is Nigeria building now? And increasingly, the answer can be seen on the ground. FROM POLICY TO CONCRETE There is a point when government policy stops being a speech and becomes something Nigerians can actually see. A road. A bridge. A railway. A power project. A housing estate. A factory. An airport. That is where the Renewed Hope agenda is now trying to move. The Presidency says more than 2,700 kilometres of highways and major roads are under construction, reconstruction or rehabilitation, including the Lagos-Calabar Coastal Highway, Abuja-Kaduna-Zaria-Kano ...

Three years of difficult reforms. Three years of economic disruption. But is Nigeria finally turning the corner? Edge Of The World ROAD TO 2027 Nigeria reached a crossroads in 2023. The country was battling a costly fuel subsidy regime, a fragmented foreign-exchange market, serious FX liquidity problems, high inflation and weak government revenue. President Bola Ahmed Tinubu chose reform. And he chose the difficult road. The first major decisions was removing the petrol subsidy and changing the FX regime were immediately painful for Nigerians. Fuel prices rose sharply. Transport became more expensive. Imported goods became more expensive. The Naira fell significantly. There is no point pretending otherwise.But the bigger question was: Could Nigeria continue operating the way it had been operating? The Tinubu administration's answer was no. THE SUBSIDY HAD TO GO One of the administration's first major decisions was to remove the petrol subsidy. The Federal Government says the re...