Illustrating the transformation, the billionaire banker said, “There was a time before if I got 10 calls on banking issues, seven of those calls was about how to access foreign exchange. These include unifying multiple exchange rate windows in October 2023, adopting a willing-buyer-willing-seller model, clearing a verified backlog of $7bn in foreign exchange obligations, and introducing the Electronic Foreign Exchange Matching System in October 2024 to enhance transparency. During his meeting with the President, Elumelu said they also discussed support for small and medium scale enterprises. “Mr President is very passionate about capacitising the small and medium scale entrepreneurs in Nigeria. “He talked about tax reform and how he wants to use that to support small and medium scale enterprises.

Source: Punch February 13, 2026 19:06 UTC