Elumelu Backs CBN's Tough Calls, Sees Nigeria Economy Rebounding Under New Government

Tony Elumelu said he would have made the same decisions as the CBN governor to combat high inflation.

He expressed optimism about Nigeria's economy under the new administration, though reforms take time.

Elumelu believes the naira will rebound in the medium to long term as fundamentals improve.

He suggested the CBN needs to continue clearing the backlog of foreign exchange forwards to build confidence.

Elumelu's wife and other family members recently purchased more shares in United Bank for Africa (UBA) where he is chairman.