Stabilising the Foreign Exchange Market: The Role of Federal Government Interventions in Strengthening the Naira in Nigeria under President Bola Ahmed Tinubu

The Nigerian foreign exchange (FX) market has faced persistent volatility, with the Naira experiencing significant depreciation against major global currencies, particularly the US Dollar. Since assuming office in May 2023, the President Bola Ahmed Tinubu’s administration has implemented several monetary and fiscal policies aimed at stabilising the FX market and strengthening the Naira. This paper examines the effectiveness of these interventions, analysing key measures such as the unification of exchange rates, foreign exchange liquidity injection, monetary policy adjustments, and fiscal reforms. Using empirical data from the Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS), and international financial institutions, the study evaluates the shortto-medium-term impacts of these policies. The findings suggest that while some interventions have provided temporary relief, structural challenges such as dwindling foreign reserves, speculative attacks, and import dependency continue to undermine long-term stability. The paper concludes with policy recommendations for sustainable FX market stabilisation.