Vice President credits FX reforms and investor confidence for economic rebound, signals shift from stabilisation to acceleration in 2026….
Vice President Kashim Shettima has said the naira was on course to appreciate to ₦1,000 per dollar within weeks, but for a stabilising intervention by the Central Bank of Nigeria (CBN) in the foreign exchange market.
Speaking on Tuesday at the Progressive Governors’ Forum (PGF) Renewed Hope Ambassadors Strategic Summit in Abuja, Shettima said the apex bank stepped in on Monday to moderate currency movements and maintain market stability.
“In fact, if not for the interventions by the Central Bank of Nigeria yesterday, the ₦1,000 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,” he said.
The vice president suggested that speculative dollar hoarding could backfire amid improving economic fundamentals.
“For some of my friends, especially one of our party leaders who take delight in stockpiling dollars, it is a wake-up call,” he added.
Economy “Picking Up”
Shettima argued that broader economic indicators point to renewed investor confidence and strengthening fundamentals.
“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,” he said.
While he did not provide details of the specific investments, the comment aligns with the administration’s repeated assertion that reforms in the foreign exchange market and fiscal policy are beginning to yield results.
From Stabilisation to Acceleration
According to the vice president, the government’s economic strategy is entering a new phase.
“As we advance into 2026, our focus shifts from stabilisation to acceleration,” Shettima declared, suggesting that the groundwork laid over the past year is expected to translate into faster growth momentum.
The remarks come amid ongoing FX reforms, tighter monetary policy measures, and efforts by the CBN to improve liquidity and transparency in the foreign exchange market.
Market watchers say sustained appreciation of the naira would depend on consistent FX inflows, improved oil production, stronger non-oil exports, and continued investor confidence.
For now, Shettima’s comments underscore the administration’s confidence that recent interventions and policy adjustments are steering the economy toward greater stability and potentially a stronger currency in the months ahead.
