Elumelu Declares Nigeria’s Forex Market Crisis Over
Nigerian entrepreneur and Chairman of Heirs Holdings, Tony Elumelu, has declared that Nigeria’s foreign exchange crisis is over, stating that the FX market has now stabilised.
Elumelu made the remarks on Friday, February 13, 2026, while addressing State House correspondents after a meeting with President Bola Tinubu at the Presidential Villa in Abuja.
He noted that businesses no longer face the severe foreign exchange access constraints that previously disrupted operations, crediting reforms introduced by the Central Bank of Nigeria (CBN) for restoring predictability and stability to the economy.
Commending President Tinubu for creating the enabling environment for monetary reforms, Elumelu said the CBN Governor and his team have restored confidence to the market. “We have seen a return to predictability and stability.
Speaking not just as a bank chairman, but as an entrepreneur and businessman, what’s important is to be able to predict the direction of an economy so you can plan very well. There was a time when, if I received ten calls regarding banking, seven would be about how to access foreign exchange.
Today, not even one is about FX. That market is totally sorted,” he said. Beyond foreign exchange, Elumelu highlighted ongoing discussions around electricity sector reforms. He said President Tinubu is committed to improving access to power by accelerating the settlement of outstanding debts owed to power-generating companies.
“Improving access to electricity is critical for economic development. All of us in the power sector are owed significantly, yet we continue to generate electricity. We want to see these payments made to ensure better provision of power,” he added.
Elumelu’s comments signal growing confidence among business leaders regarding the stability of Nigeria’s foreign exchange market. Improved access to forex enables businesses to import raw materials and machinery without prolonged delays, reduce operational disruptions, execute international transactions more efficiently, and repatriate profits with greater ease.
A more stable forex environment also supports macroeconomic stability by reducing speculative pressure on the naira, curbing inflationary pass-through from exchange rate volatility, and improving planning certainty for businesses.
In a related development, the CBN recently approved the participation of licensed Bureau De Change operators in the Nigerian Foreign Exchange Market, allowing each BDC to purchase up to $150,000 weekly.
The apex bank said duly licensed BDCs may source FX through authorised dealer banks at prevailing market rates, subject to strict Know Your Customer and due diligence requirements. The move is part of broader reforms aimed at narrowing the gap between official and parallel market rates and deepening liquidity in the FX market.
