Elumelu lauds Tinubu’s reforms, says Nigeria’s forex market now stable

The Chairman of Heirs Holdings, Tony Elumelu, says Nigeria’s foreign exchange market is now experiencing significant improvement, citing increased stability and policy clarity.

Speaking to journalists after a private meeting with President Bola Tinubu at the State House in Abuja on Friday, February 13, 2026, Elumelu commended the economic reforms introduced by the Tinubu administration in collaboration with the Central Bank of Nigeria (CBN).

He noted that the recent monetary measures have restored confidence and reduced uncertainty in the financial system.

The business mogul said: “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”.

Elumelu highlighted predictability as a key factor for investors and entrepreneurs, stating that the current policy direction of the CBN leadership has created a more reliable environment for business planning.

Elumelu, who is also the Chairman of Transcorp Group and a member of the Presidential Economic Council, lauded Tinubu for enabling the CBN to carry out reforms aimed at strengthening economic confidence.

Elumelu visits Tinubu in Aso Rock

Beyond foreign exchange matters, Elumelu said discussions with Tinubu also focused on expanding support for small and medium-sized enterprises (SMEs), which he described as vital drivers of economic growth.

He revealed that Tinubu showed strong interest in advancing entrepreneurship through tax reforms and development finance initiatives.

He added that the president expressed satisfaction with the performance of the Bank of Industry (BOI) and is eager to see the institution widen its reach to support more small businesses across Nigeria.

Elumelu further stressed the importance of improving electricity supply to sustain economic progress.

He stressed that the president is committed to accelerating payments of outstanding debts owed to power generation companies, a move he believes will boost electricity production and enhance access nationwide.

The Star