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Vice President Kashim Shettima says the naira would have appreciated to ₦1,000 in “weeks” if the Central Bank of Nigeria (CBN) had not intervened in the foreign exchange (FX) market on Monday to ensure market stability.
He confirmed that the Central Bank of Nigeria had to intervene on Monday by mopping up excess dollars to stabilize the Naira.
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Shettima said this on Tuesday at the Progressive Governors’ Forum (PGF), Renewed Hope Ambassadors Strategic Summit in Abuja.
“In fact, if not for the interventions by the Central Bank of Nigeria yesterday, the 1,000 Naira to a dollar we are going to attain in weeks, not in months. 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,” the vice president said.
“Our economy is picking up. Of the seven major investment decisions made last year in Africa, five were done in Nigeria. That goes to show the strength, viability, and the promise of the Nigerian economy. And as we advance into 2026, our focus shifts from stabilization to acceleration.”
