Seven months into President Tinubu's first tenure, the rate of one dollar to naira has gone up by 95%

Every Nigerian president since 1999 left office with a higher dollar to naira exchange rate than when they took office. Will President Tinubu's tenure be the exception?

Source:

CBN, Investing.com

<div style="text-align: center;"><a href="https://intelpoint.co/insights/seven-months-into-president-tinubus-first-tenure-the-rate-of-one-dollar-to-naira-have-gone-up-by-95/" title="Seven months into President Tinubu&#039;s first tenure, the rate of one dollar to naira has gone up by 95%"><img src="https://intelpoint.co/wp-content/uploads/2024/01/exchange-rates-by-presidents-tenure.webp" style="width: 80%; height: auto; max-width:960px;-ms-interpolation-mode: bicubic; margin: 0 auto; display: block;" alt="Chart: Seven months into President Tinubu's first tenure, the rate of one dollar to naira has gone up by 95%"/></a><br><span>Find more insights at <a href="https://intelpoint.co/insights?utm_source=Insight%20Embed&utm_medium=HTML&utm_campaign=Seven+months+into+President+Tinubu%27s+first+tenure%2C+the+rate+of+one+dollar+to+naira+has+gone+up+by+95%25" target="_blank" style="color: #4f9acc; text-decoration: none;">Intelpoint</a>.</span></div>Copied to clipboard!

Period:

1999 - 2023

HTML code to embed chart

Want a bespoke report?

Reach out

Related Insights

Egypt leads African remittance recipients in 2024 with $22.7B, while Nigeria trails behind with $19.8B

Africa received $96.4 billion in remittances in 2024.
Egypt ($22.7B) and Nigeria ($19.8B) dominated inflows, accounting for nearly half of the continent’s total.
Egypt’s 16% growth reflects stronger remittance networks and economic linkages with its diaspora.
Nigeria’s inflows grew modestly (1%).
Ghana recorded the highest growth (91%), indicating a resurgence in diaspora remittances.
Zimbabwe (-6%) and Tunisia (-3%) experienced declines, pointing to potential disruptions in inflow channels.

Lagos and Rivers have dominated Nigeria’s revenue rankings since 2008

A total of ₦20.45 trillion in Internally Generated Revenue (IGR) has been recorded nationwide since 2008.
Lagos State generated ₦1.26 trillion in 2024, maintaining its position as the top revenue-generating state.
For five consecutive years, Yobe and Taraba have consistently ranked among the bottom five states in revenue generation.
FCT IGR records began in 2018.
Enugu State recorded a remarkable 433.03% year-on-year increase in 2024.
Ebonyi (–57.27%), Ondo (–24.70%), and Yobe (–0.99%) were the only states that experienced a decline in IGR in 2024.

Borno records lowest domestic debt in North-East Nigeria at ₦22.3 billion in Q2 2025

The six North-Eastern states collectively owe around ₦450 billion in domestic debt as of Q2 2025.
Borno State maintains the lowest debt in the region at ₦22.3 billion, showing signs of controlled borrowing amid post-conflict rebuilding.
Bauchi State has the highest domestic debt burden of ₦143.6 billion, accounting for about 31% of the region’s total.
The top three states, Bauchi, Taraba and Gombe, collectively account for more than two-thirds of the zone’s total subnational debt stock.

In just six months, Nigeria spent over $2.3 billion servicing external debts

Nigeria paid $816.3 million to the International Monetary Fund, accounting for over 35% of total external debt service payments.
Eurobond payments followed closely, with $687.8 million paid, reflecting Nigeria’s heavy reliance on commercial debt instruments.
Multilateral lenders like IDA and AfDB collectively received about $463 million, signalling continued exposure to concessional financing.
China’s share shrinking: Payments to Chinese lenders (EXIM + CDB) totalled $235.6 million, less than 11% of total outflows, suggesting reduced Chinese debt servicing in H1 2025.

Over 60% of Nigeria’s ₦1.7 trillion domestic debt service in Q2 2025 was spent on Federal Government Bonds

FGN bonds dominated: ₦1.07 trillion went to Federal Government Bonds, accounting for about 63% of total domestic debt servicing.
Treasury bills followed: Payments on NTBs reached ₦537.9 billion, making up roughly 31% of the total.
Sukuk and promissory notes together cost ₦90.8 billion, reflecting Nigeria’s mix of infrastructure and settlement instruments.
Green and savings bonds remained minimal, together below ₦5 billion, showing limited traction for retail and sustainability-focused debt.

93% of Nigeria's public debt is owed by the Federal Government

The Federal Government’s share of total public debt rose from 79.5% in 2019 to 92.6% in 2025.
States’ share has more than halved, from 20.5% to 7.4% in six years.
Total public debt grew from $83.9 billion to $99.7 billion, peaking at $113.4 billion in 2023.
Nigeria’s debt burden is increasingly concentrated at the centre, amplifying federal repayment risks and reducing fiscal independence for states.