Vice President Kashim Shettima has expressed strong confidence in the management of the Central Bank of Nigeria (CBN), predicting that the Naira is on track to reach a valuation of N1,000 to the US Dollar within weeks.
Speaking on Tuesday at the Progressive Governors’ Forum (PGF) – Renewed Hope Ambassadors Strategic Summit in Abuja, Shettima revealed that the currency would have hit the N1,000 mark already if not for deliberate, stabilizing interventions by the apex bank.
Representing President Bola Tinubu, the Vice President highlighted the CBN’s recent mop-up of approximately $190 million from the market. He explained that this move was necessary to slow down the Naira’s rapid appreciation and ensure market stability after the currency saw significant gains at the official window.
“Today, we are seeing clear signs that our reforms have begun to yield results,” Shettima said. “Inflationary pressures are moderating, oil prices are easing, and our currency is strong and stable. In fact, if not for the interventions by the Central Bank of Nigeria yesterday, the N1,000 to a dollar, we are going to attain it in weeks, not in months.”
The Vice President credited the administration’s “honesty and discipline” for restoring fiscal credibility to the nation. He also issued a stern warning to speculators and individuals stockpiling foreign currency, suggesting that the era of profiting from the Naira’s struggles is over.
“For some of my friends, especially one of our party leaders, who take delight in stockpiling dollars, it’s a wake-up call. Our economy is picking up,” he declared.
Shettima further noted that Nigeria’s economic shift from “stabilization to acceleration” is evidenced by the country attracting five of Africa’s seven major investments last year. He urged the “Renewed Hope Ambassadors” to take this message to the grassroots, countering misinformation with facts regarding the administration’s economic direction.
