Vice president Kashim Shettima on Tuesday, February 24, said that the naira would have appreciated to N1,000 per dollar in weeks if the Central Bank of Nigeria (CBN) had not intervened in the Foreign Exchange (FX) market on Monday to ensure market stability.
Shettima spoke on Tuesday during his address at the Progressive Governors Forum (PGF), renewed hope ambassadors strategic summit in Abuja.
On February 10, the CBN permitted licensed Bureau De Change (BDC) operators to access foreign exchange from the Nigerian Foreign Exchange Market (NFEM) through authorized dealer banks, with a maximum of $150,000 weekly cap.
The vice president said there are clear signs that the administration’s reforms have started yielding results as inflationary pressures are moderating and oil prices are easing.
“Our currency is strong and stable. In fact, if not for the interventions by the Central Bank of Nigeria (CBN) yesterday, we are going to attain the $1,000 in weeks, not in months,” Shettima said.
“But for the purpose of market stability, the CBN generously intervened yesterday.
“So for some of my friends, especially one of our party leaders who take delight in stockpiling dollars, it is a wake-up call. Our economy is picking up.”
Furthermore, he said of the seven major investment decisions made in Africa last year, five were done in Nigeria.
“That goes to show the strength and viability and the promise of the Nigerian economy. And as we advance into 2026, our forecast shifts from stabilisation to acceleration,” Shettima said.
On February 12, Femi Otedola, the chairman of First HoldCo, said he was optimistic that the naira will strengthen meaningfully and trade below N1,000/$ before year-end as domestic refining is fully underway.
Aliko Dangote, chairman of the Dangote Group, also predicted that the naira will strengthen to N1,100 per dollar in 2026.
On February 20, the Nigerian naira appreciated to N1,340 per dollar at the parallel section of the FX market.
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