Kashim Shettima: “Naira would’ve appreciated to N1,000/$ in weeks, but CBN intervened”

Vice-President Kashim Shettima says the naira could have strengthened to N1,000 per dollar within weeks if the Central Bank of Nigeria had not stepped into the foreign exchange market to steady trading conditions.

He spoke on Tuesday at the Progressive Governors Forum’s Renewed Hope Ambassadors Strategic Summit in Abuja, where he addressed recent movements in the currency market and the administration’s economic reforms.

According to Shettima, the Central Bank of Nigeria intervened on Monday to manage volatility, despite signs that the naira was gaining rapidly.

On February 10, the apex bank permitted licensed bureau de change operators to access foreign exchange from the Nigerian Foreign Exchange Market through authorised dealer banks, with a weekly cap of $150,000 per operator. The move was aimed at improving liquidity in the retail segment of the market.

Shettima said current indicators suggest reforms are beginning to moderate inflationary pressures and stabilise key sectors. He also noted that Nigeria attracted five of the seven major investment decisions recorded in Africa last year, describing it as evidence of renewed investor interest.

Business leaders have also expressed optimism about the currency’s outlook. On February 12, Femi Otedola, chairman of First HoldCo, said he expects the naira to trade below N1,000 per dollar before year-end, citing progress in domestic refining.

Aliko Dangote, chairman of the Dangote Group, projected that the currency could strengthen to around N1,100 per dollar in 2026.

On February 20, the naira traded at N1,340 per dollar in the parallel market, reflecting recent appreciation.