President Bola Tinubu on Tuesday said the naira would have strengthened to N1,000 to the dollar within weeks if not for the recent intervention by the Central Bank of Nigeria aimed at maintaining market stability.
Vice President Kashim Shettima, the president, spoke at the Progressive Governors forum (PGF)–Renewed Hope Ambassadors Strategic Summit held at the State House Conference Hall, Presidential Villa, Abuja.
According to him, the administration’s economic reforms have begun yielding measurable results, with inflationary pressures moderating and the currency showing signs of stability.
“In fact, if not for the interventions by the Central Bank of Nigeria yesterday, the 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,” he said.
The Vice President described the intervention as a stabilising measure, adding that the broader economic fundamentals were improving.
“Our economy is picking up,” he stated, noting that five of the seven major investment decisions taken in Africa last year were made in Nigeria — a development he said reflected investor confidence in the country.
Shettima said the administration chose “the path of honesty and discipline” from inception, confronting structural distortions and restoring fiscal credibility.
(Leadership)
