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President Tinubu says decision to abolish multiple exchange rates is in ‘nation’s best interest’

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President Bola Ahmed Tinubu said that the decision to merge the multiple foreign exchange market and maintain a single rate was in the best interest of the country in the same manner of the removal of the subsidy on fuel.

The president said that he could have chosen to maintain the hitherto multiple foreign exchange rates and benefit from it but instead, he opted to unify the official and parallel market rates to save the country from financial hemorrhage.

“I could afford to share the benefit by participating in the arbitrage, but God forbid! “That’s not why you voted for me,” Tinubu was quoted as saying in a statement by his media aide, Dele Alake.

The President said it was imperative to take those decisive actions in the early days of his administration.

READ ALSO: President Tinubu in Ogun state to visit Awujale of Ijebu

He also explained that his administration decided to stop the immediate payment of subsidies on petrol in the nation’s best interest.

During his inaugural speech on May 29, the President said that the era of subsidy payments on fuel has ended, a situation that forced queues in filling stations to spring up across major parts of the country.

The President said it was imperative to take those decisive actions in the early days of his administration.

He said, “We need to take the steps to stop the bleeding of our finances through speedy action on fuel subsidy.” We have no choice.

“We will work together with an open-door policy. We will bring Nigeria to the brink of a resilient economy. I want us to be partners so that we can rescue our land and make it a born-again nation.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138

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