WorldStage– Nigeria’s Vice President Kashim Shettima has delivered a wake-up call to some of his friends, especially the party leaders, who take delight in stockpiling dollars, to be cautious of the practice, saying the economy is picking up.
He issued the wake-up call during his address at the Progressive Governors Forum, Renewed Hope Ambassadors Strategic Summit in Abuja.
Shettima gave the cautionary note against the development of the naira appreciating to N1000/per dollar in weeks if the Central Bank of Nigeria had not intervened for the purpose of market stability.
“Our currency is strong and stable. In fact, if not for the interventions by the Central Bank of Nigeria (CBN) yesterday, we are going to attain the $1,000 in weeks, not in months.
“But for the purpose of market stability, the CBN generously intervened yesterday,” Shettima said.
He noted that there are clear signs that the administration’s reforms have started yielding results as, according to him, inflationary pressures are moderating and oil prices are easing.
“So for some of my friends, especially one of our party leaders who take delight in stockpiling dollars, it is a wake-up call. Our economy is picking up,” the Vice President counselled.
He disclosed that out of the seven major investment decisions made in Africa last year five were done in Nigeria.
That, according to him, goes to show the strength and viability and the promise of the Nigerian economy. “And as we advance into 2026, our forecast shifts from stabilisation to acceleration,” Shettima added.
He said the naira would have appreciated to N1,000 per dollar in weeks if the Central Bank of Nigeria (CBN) had not intervened in the foreign exchange (FX) market on Monday to ensure market stability.
The CBN had on February 10, permitted licensed bureau de change (BDC) operators to access foreign exchange from the Nigerian foreign exchange market (NFEM) through authorised dealer banks, with a maximum of $150,000 weekly cap.
The move boosted the foreign exchange market in favour of the naira, supporting the Vice President’s enthusiasm and warning to those in habit of hoarding dollars in expectation of naira performing badly against the dollar.
