Vice-President Kashim Shettima says the naira would have strengthened to N1,000 per dollar within weeks if the Central Bank of Nigeria (CBN) had not stepped into the foreign exchange market to stabilise trading.
Shettima made the remarks on Tuesday while speaking at the Progressive Governors Forum, Renewed Hope Ambassadors Strategic Summit in Abuja.
“Our currency is strong and stable. In fact, if not for the interventions by the Central Bank of Nigeria yesterday, we are going to attain the $1,000 in weeks, not in months,” the vice-president said.
“But for the purpose of market stability, the CBN generously intervened yesterday. So for some of my friends, especially one of our party leaders who take delight in stockpiling dollars, it is a wake-up call. Our economy is picking up.”
Shettima said the administration’s economic reforms were beginning to show results, noting that inflationary pressures were easing and oil prices were moderating.
He also pointed to recent foreign investment flows as evidence of improving confidence in the economy.
“Of the seven major investment decisions made in Africa last year, five were done in Nigeria. That goes to show the strength and viability and the promise of the Nigerian economy. And as we advance into 2026, our forecast shifts from stabilisation to acceleration,” he said.
Earlier this month, the CBN announced that licensed bureau de change operators would be allowed to access foreign exchange from the Nigerian foreign exchange market through authorised dealer banks, with a weekly cap of $150,000.
Market optimism has also been echoed by business leaders.
On February 12, Femi Otedola, chairman of First HoldCo, said he was confident the naira would strengthen meaningfully and trade below N1,000 per dollar before the end of the year, as domestic refining gains momentum.
Similarly, Aliko Dangote, chairman of Dangote Group, recently projected that the naira could strengthen to N1,100 per dollar in 2026.
Meanwhile, the naira has recorded some improvement in recent trading. On February 20, the local currency appreciated to N1,340 per dollar at the parallel segment of the foreign exchange market.
Shettima maintained that recent interventions by the apex bank were aimed at preventing market distortions and ensuring orderly trading, as the government pushes ahead with reforms designed to stabilise the economy and accelerate growth.
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