Why Naira Has Yet to Hit ₦1,000 per Dollar — Shettima

Vice President Kashim Shettima has said the naira could have strengthened to about ₦1,000 to the dollar within a short period if the Central Bank of Nigeria had not intervened in the foreign-exchange market to steady trading conditions.

Speaking in Abuja at a summit organised by the Progressive Governors’ Forum and the Renewed Hope Ambassadors, Shettima noted that the apex bank’s intervention was primarily aimed at maintaining market stability rather than suppressing appreciation of the local currency.

He explained that the monetary authority stepped into the market to prevent disruptive swings in the exchange rate that could undermine investor confidence and economic planning. According to him, while the naira is showing signs of gradual strengthening, authorities must balance appreciation with stability to avoid speculative distortions.

The vice president also issued a warning to individuals and businesses holding on to large quantities of foreign currency in anticipation of future gains. He urged them to reconsider such behaviour, stressing that the domestic currency is gradually gaining strength as macroeconomic conditions improve.

Shettima further pointed to positive signals in the investment environment, stating that Nigeria attracted a significant share of major investment decisions across Africa in the past year. He said this demonstrates the country’s economic resilience and improving investor sentiment.

He added that government policy direction is now shifting beyond stabilisation measures toward policies designed to accelerate growth, deepen investment flows, and strengthen productivity across key sectors of the economy as the year progresses.