Hope Rises as Tinubu Says Naira To Exchange for 1,000 to $1, Shares Timeline
- Nigerian president Bola Tinubu said the naira could appreciate to N1,000 per dollar within weeks
- He cited reforms and recent intervention by the Central Bank of Nigeria to stabilise the forex market
- The Nigerian currency in recent days has been reversing its gains against the US dollar
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President Bola Tinubu said the naira could strengthen to N1,000 against the United States dollar within weeks.
The president who made the comments while speaking at the Renewed Hope Ambassadors Summit held in Abuja on Tuesday, February 25 cited ongoing reforms and recent interventions by the Central Bank of Nigeria to stabilise the foreign exchange market as the reason for the projection.
Source: Getty Images
Tinubu, who was represented by Vice President Kashim Shettima at the event said his administration’s economic reforms were beginning to yield results.
He said:
“In fact, if not for the interventions by the Central Bank of Nigeria yesterday, N1,000 to a dollar, we are going to attain it in weeks, not in months.
“But for the purpose of market stability, the CBN generously intervened yesterday.”
The President said the current moment required reflection on the reforms undertaken by his government, the sacrifices made and the shared responsibility to translate policy vision into measurable impact, Punch reports.
“From the start, our administration chose the path of honesty and discipline. We confronted deep-seated structural distortions. In so doing, we have restored fiscal credibility, stabilised the economy and set the foundation for long-term economic growth.
Tinubu speeaks on reforms impact
Tinubu added that inflationary pressures were moderating, oil prices were easing and the nation’s currency was becoming stronger and more stable.
He described recent currency interventions as necessary to maintain orderly market conditions and cautioned against speculative hoarding of foreign exchange.
BusinessDay reports that the President said Nigeria accounted for five of the seven major investment decisions made in Africa last year, which he said underscored the country’s economic potential.
President noted: said:
“As we advance into 2026, our focus shifts from stabilisation to acceleration. The N58.18 trillion budget shall anchor this new phase, with record capital expenditure, the largest allocation to national security in our history and prudent revenue projections, while scaling growth and strengthening resilience."
Source: Twitter
On tax reforms, Tinubu said the measures were introduced to protect vulnerable Nigerians, promote enterprise and enhance transparency in public finance.
He added that a recent executive order on remittances to the federation account was aimed at safeguarding revenues, eliminating duplication and curbing waste.
He said no reform could succeed without public understanding and participation, describing the Renewed Hope Ambassadors platform as a strategic vehicle for civic engagement.
“They must explain why tough decisions have to be made and how they link to jobs, security, enterprise, opportunity and a more stable future."
He said, urging members to counter misinformation with facts and serve as a feedback channel between citizens and government.
Dollar rises against naira
Earlier, Legit.ng reported that Bureau De Change (BDC) operators have raised the exchange rate of the United States dollar above the N1,400 mark in the parallel market.
Key currency trading hubs in Lagos showed that the dollar is now being sold at N1,428 compared to previous rate of N1335 some days ago.
The latest rate means that in just few days the value of the naira in the black market has depreciated by N93.
Source: Legit.ng
