Why Naira Has Not Reached N1,000 per Dollar Under Tinubu's Govt Recently, Shettima Explains

• VP Kashim Shettima has claimed that the naira could have reached N1,000 per dollar without CBN's market intervention
• Nigeria attracted five out of seven key African investments due to economic viability, according to Shettima
• President Bola Ahmed Tinubu has stated his mission to reset the economy amid challenges, focusing on subsidy removal and a unified exchange rate

Legit.ng journalist Ridwan Adeola Yusuf has more than nine years of experience reporting on public affairs and governance in Nigeria and Africa.

FCT, Abuja - Vice-President (VP) Kashim Shettima has said the Nigerian currency, the naira, would have appreciated to N1,000 per dollar in weeks if the Central Bank of Nigeria (CBN) had not recently intervened in the foreign exchange (FX) market to ensure market stability.

As reported by Channels TV, Shettima stated this on Tuesday, February 24, at the Progressive Governors’ Forum (PGF), Renewed Hope Ambassadors Strategic Summit in Abuja. The programme is an event of the ruling All Progressives Congress (APC).

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Shettima: Naira could have hit N1,000

The Cable also noted VP Shettima's statement.

The vice president said:

“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.

Shettima added:

“Our economy is picking up. Of the seven major investment decisions made last year (2025) 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 stabilisation to acceleration.”

Shettima highlights Tinubu’s 'reforms'

On the administration's tax reforms, Shettima noted that they were "introduced to protect the vulnerable, encourage enterprise and entrench transparency in public finance."

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NNPC: Analyst reacts to Tinubu's executive order, mentions possible risks

He cited the recent executive order affecting remittances to the federation account, saying it "is designed to safeguard federation revenues, eliminate duplicative structures, curb waste and ensure that resources are responsibly managed for maximal national benefits."

VP Shettima pointed out that from the onset, the Tinubu administration chose the path of honesty and discipline.

The X video of Shettima speaking can be watched below:

Otedola, Dangote predict naira strength

Legit.ng reports that on February 12, Femi Otedola, chairman of First HoldCo, expressed optimism that the naira would strengthen significantly and trade below N1,000/$ by year-end as domestic refining progresses.

Aliko Dangote, chairman of the Dangote Group, also predicted that the naira would reach N1,100 per dollar in 2026. On February 20, the naira appreciated to N1,340 per dollar on the parallel FX market.

Tinubu moves to reset Nigeria's economy

President Bola Tinubu inherited anaemic economic growth, record debt and shrinking oil output and has promised to reset the Nigerian economy. He has also said some decisions, including removing a popular petrol subsidy, would impose an extra burden on citizens but free up money for infrastructure and education.

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Unifying the exchange rate and scrapping the subsidy were the most immediate tasks that Tinubu faced. Delivering these within the first two weeks of his presidency in 2023 has been well-received by several economists and investors.

Read more on the naira-to-dollar exchange rate:

• Expert predicts naira stability, lists factors to drive growth
• Naira to end on new note as traders, currency dealers sell dollar at new rates
• Experts predict new exchange for the naira as dollar crashes in official window

Naira weakens against US dollar

Earlier, Legit.ng reported that on the first trading day of the week, the naira reversed some of its gains as its value weakened further against the US dollar.

Data obtained from the CBN showed that in the Nigerian Foreign Exchange Market (NAFEM) on Monday, February 23, the naira fell by N2.92 or 0.22% to N1,349.24/$1 from N1,346.32/$1 recorded last Friday, February 20.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng