THE AFRICA REPORT
From petrol subsidy removal to the unification of multiple exchange rates, President Bola Tinubu has started dismantling former President Muhammadu Buhari’s economic legacy.
On the eve of his exit from office, President Buhari conferred one of the country’s highest honours on controversial Central Bank Governor, Godwin Emefiele, in recognition of his achievements in office. Buhari expected his successor, Tinubu, to officially decorate Emefiele and other recipients of the award.
But instead of placing a garland over Emefiele’s neck, Tinubu put him in chains and threw him in detention.
Exchange rate
Through his eight years in office, President Buhari made it known that he saw the naira as the symbol of the country’s pride and therefore insisted that he would not “kill” the local currency in the name of devaluation.
The World Bank argued that the multiple exchange rates and trade restrictions were damaging the business environment. Reacting to the Brentwood institution, Buhari told Bloomberg that “the exchange rate is still susceptible to external shocks th
