Elumelu Declares 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 been 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.

According to him, businesses no longer face the severe foreign exchange access constraints that previously disrupted operations, noting that reforms introduced by the Central Bank of Nigeria (CBN) have restored predictability and stability to the economy.

What he is saying

Elumelu commended President Tinubu for creating the enabling environment for the CBN Governor and his team to implement monetary reforms.

• “We also discussed the country’s monetary policy. What the Central Bank Governor and his team are doing is quite encouraging. We have seen a return to predictability and stability. Speaking not just as a bank chairman, but as an entrepreneur and also a businessman who wears many hats, what’s important is to be able to predict the direction in an economy — the direction of things so you can plan very well.
• “I told someone recently that there was a time when, if I received ten calls regarding banking, seven would be about how to access foreign exchange (FX). Today, if you get ten calls on banking issues, not even one is about FX. That market is totally sorted. So, I think the Central Bank Governor is doing well, and Mr. President should be commended for creating the space for the Governor and his team to do their work.”

Beyond foreign exchange, Elumelu also 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. Mr. President realizes this and is committed to doing more, especially in helping to fast-track the payment of power sector debts so that power generators can do more for the country.
• “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. Access to electricity is essential for the development of our economy.”

What this means

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 essential raw materials and machinery without prolonged delays
• Reduce operational disruptions linked to FX scarcity
• Execute international transactions more efficiently
• Repatriate profits more easily, boosting investor confidence

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.

Enhanced liquidity in the FX market can also strengthen foreign direct investment (FDI) inflows, as investors gain confidence in their ability to access and repatriate funds.

What you should know

In a related development, the CBN recently approved the participation of licensed Bureau De Change (BDC) operators in the Nigerian Foreign Exchange Market (NFEM), 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 (KYC) and due diligence requirements.

The move comes amid efforts to narrow the gap between official and parallel market rates and deepen liquidity in the FX market as part of broader monetary reforms.