The move was part of a series of policies to ensure economic
recovery by the incumbent government.
However, on October 12, 2023, the CBN said it would boost
liquidity in the market by intervening “from time to time”.
“We were able to partition the economic drawback and the
fallout of the subsidy removal,” Tinubu said.
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“Equally, it engendered transparency, accountability, and
physical discipline for the country and that, to me, is more important to focus
on what direction we should go and we pursue that rigorously.
“The currency management was necessary, equally, to remove
the artificial element of value in our currency. Let our local currency find
its level and compete with the rest of the world currency and remove arbitrage,
corruption, and opaqueness.
“That we did. At the same time, that’s a true engine problem
in a very turbulent situation for the government.
“But we are able to manage that turbulence because we
prepared for inclusivity in governance and rapid communication with the public
to really see what is necessary and what we must do.”
Speaking on collaboration and inclusiveness, Tinubu said
capital formation is necessary to drive the economy, especially in areas like
agriculture, food security, innovation, and technology advancement, and should
involve everyone in the world, stressing that no one must be left behind.
