Naira Crashes By 240% Under Tinubu As Ghana’s Cedi Gains 30% In Six Months
The Nigerian naira has witnessed a sharp depreciation of over 240 per cent since President Bola Tinubu assumed office in May 2023, while Ghana’s currency, the cedi, recorded an impressive 30 per cent gain in just six months under former president John Mahama’s renewed economic leadership.
Checks by OSUN DEFENDER on official and parallel market exchange rates show that as at May 29, 2023, the naira traded at ₦460.70 to the US dollar in the official window.
However, by early June 2025, the local currency exchanged for as high as ₦1,590/$1 in the black market, with the official rate hovering around ₦1,555/$1.
This represents a depreciation of more than 240 per cent within a 24-month period.
In contrast, the Ghanaian cedi recorded significant appreciation within just half a year. On 31st December 2024, the cedi traded at 14.70 to the dollar.
By the end of May 2025, it appreciated to about 10.28/$1, reflecting a 30 per cent gain in value.
This comes amid former President Mahama’s return to active politics ahead of the 2024 elections, with analysts linking the cedi’s rebound to improved investor confidence and clearer fiscal direction from Ghana’s central bank.
While Nigeria has battled with inflation, subsidy removal shocks, multiple exchange rates, and dwindling foreign reserves, Ghana appears to be enjoying a more coordinated monetary approach, despite its own debt restructuring challenges.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
