Naira Could Reach N1,000 Per Dollar Soon, Says Tinubu
Naira Could Reach N1,000 Per Dollar Soon, Says Tinubu
President Bola Tinubu has said the naira may strengthen to N1,000 against the dollar within weeks.
The President, who was represented by Vice President Kashim Shettima, made this statement at the Progressive Governors Forum Renewed Hope Ambassadors Strategic Summit held at the Presidential Villa in Abuja.
According to him, the naira would have already moved closer to N1,000 per dollar if not for the recent intervention by the Central Bank of Nigeria aimed at keeping the market stable.
He explained that the CBN stepped in to prevent sharp movements in the foreign exchange market, describing the action as necessary for stability.
Shettima added that the government’s economic reforms are beginning to show results. He said inflation is gradually easing and investor confidence is returning.
The Vice President also claimed that five of the seven biggest investment decisions made in Africa last year were in Nigeria, a development he said proves that the country’s economy is improving.
Since removing fuel subsidy and pushing market reforms, the Tinubu administration has continued to defend its economic policies, insisting that tough decisions were needed to fix long-standing structural problems.
If the projection becomes reality, a stronger naira could ease pressure on import costs and reduce inflation. However, many Nigerians are watching closely to see if the exchange rate will truly fall to N1,000 per dollar in the coming weeks.
