The death of former President Muhammadu Buhari has not only closed a significant chapter in Nigeria’s political history but may also pave the way for a reset in key economic policies—particularly in foreign exchange regulation and investor engagement. Analysts and business leaders are already forecasting a shift away from Buhari’s controversial monetary legacy, including his strict foreign exchange controls and stubborn defense of the naira’s pegged rate during his administration.
Buhari, who died on Sunday, July 13, 2025, in London at the age of 82 after a prolonged illness, was both revered and criticized for his economic nationalism. During his eight-year democratic presidency (2015–2023), he resisted calls to allow market-driven exchange rates, instead enforcing capital controls, restricting access to forex for certain imports, and maintaining an artificial naira-dollar rate despite repeated devaluations and mounting pressure from investors.
Under Buhari, Nigeria faced persistent foreign exchange shortages, leading to a widening gap between the official and parallel market rates. His administration’s refusal to fully float the naira—coupled with declining oil revenues—undermined investor confidence, stifled foreign direct investment (FDI), and limited dollar liquidity in the economy.
In addition, multiple foreign companies struggled to repatriate profits and settle external obligations, leading several multinational firms to exit the Nigerian market. Buhari’s Central Bank policies, including the controversial 41-item forex exclusion list, were widely viewed as a deterrent to investment and growth.
With President Bola Tinubu now firmly in control, economic observers believe Buhari’s passing could mark the symbolic and strategic end of an era of restrictive forex management. Tinubu, who has already moved to unify the exchange rate and liberalize monetary policy since assuming office in May 2023, is seen as more open to reforms that encourage market stability and investor confidence.
“Now that Buhari is gone, Tinubu faces less political constraint in completely dismantling the legacy of capital controls,” said Nnaemeka Eze, a Lagos-based economist. “The investor community is watching closely to see whether we’ll see a decisive move toward a fully liberalized forex regime.”
Foreign investors and multilateral agencies have also advocated for reforms to Nigeria’s forex regime as a condition for funding and investment partnerships. According to the World Bank, a unified and market-reflective exchange rate remains essential for unlocking Nigeria’s growth potential and reversing years of underperformance in key sectors.
Business leaders have responded to Buhari’s death with a blend of condolence and cautious optimism. While acknowledging his contributions to anti-corruption efforts and infrastructure development, many have emphasized the need to remove the economic bottlenecks associated with his fiscal management style.
“President Buhari will be remembered for his patriotism, but his economic policies—particularly on forex—did not serve the business community well,” said Muda Yusuf, former Director-General of the Lagos Chamber of Commerce and Industry. “We hope that his passing ushers in a new era of reform that attracts capital, grows exports, and restores confidence in the naira.”
Several private sector groups, including the Manufacturers Association of Nigeria (MAN) and the Nigerian Economic Summit Group (NESG), have renewed their calls for a sustainable forex policy that allows manufacturers and exporters access to a stable and predictable exchange rate environment.
In the wake of Buhari’s death, the naira opened slightly stronger on the official market amid subdued trading, as investors speculate on the Tinubu administration’s next steps. Already, the Central Bank of Nigeria (CBN) has hinted at a further unification of exchange windows and increased engagement with international stakeholders.
Meanwhile, the Nigerian Stock Exchange recorded modest gains on Monday, reflecting renewed optimism for structural reforms. Analysts say clarity on forex direction, particularly a move toward transparency and market-driven rates, could help attract portfolio inflows and stabilize inflationary pressures.
While Buhari’s legacy will continue to be debated for years to come, one thing is clear: his departure from the national scene has opened a window for economic reset. Whether Tinubu fully seizes the moment to dismantle outdated currency controls and rebuild investor trust will determine the future of Nigeria’s macroeconomic landscape.
With Nigeria facing rising debt, inflation above 20%, and sluggish growth in non-oil sectors, bold decisions will be necessary to reposition the country on a path of fiscal and monetary sustainability.