₦airaland Forum

Vice President Kashim Shettima says the naira would have appreciated to ₦1,000 in “weeks” if the Central Bank of Nigeria (CBN) had not intervened in the foreign exchange (FX) market on Monday to ensure market stability.

He confirmed that the Central Bank of Nigeria had to intervene on Monday by mopping up excess dollars to stabilize the Naira.
Accor

Shettima said this on Tuesday at the Progressive Governors’ Forum (PGF), Renewed Hope Ambassadors Strategic Summit in Abuja.

“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,” the vice president said.

“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. And as we advance into 2026, our focus shifts from stabilization to acceleration.”

https://www.channelstv.com/2026/02/24/video-why-naira-did-not-appreciate-to-₦1000-shettima/

This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

Richtaiwo:
He confirmed that the Central Bank of Nigeria had to intervene on Monday by mopping up excess dollars to stabilize the Naira.
Accor

And then stopped the naira from appreciating? I tire o.

They always think we are fools, always dishing out trash as strategies.

They must have thiefed money that warranted the return from about $1 = N1,340 to N1,354.

Mugus, thiefers committee

Bluntguy:
And then stopped the naira from appreciating? I tire o.

Richtaiwo:
This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

Basic macroeconomics, CBN is duty bound to mop up excess liquidity in the system to avoid driving up inflation in the long term. Whenever there's too much local or foreign currency in the hands of people beyond regulatory requirements, the CBN steps in. Failure to do that in the past led us to where we were a few years ago.
If CBN had looked away, the dollar would fall for the first few weeks and then start rising because people would have horded it and look to sell at higher rate when scarcity hits the market thereby leading to market instability.
The best bet is to allow the right amount of money within the system at a particular time inorder to ensure stability and stronger local currency.

-Kiss the truth!

TimeManager:
Basic macroeconomics, CBN is duty bound to mop up excess liquidity in the system to avoid driving up inflation in the long term. Whenever there's too much local or foreign currency in the hands of people beyond regulatory requirements, the CBN steps in. Failure to do that in the past led us to where we were a few years ago.
If CBN had looked away, the dollar would fall for the first few weeks and then start rising because people would have horded it and look to sell at higher rate when scarcity hits the market thereby leading to market instability.
The best bet is to allow the right amount of money within the system at a particular time inorder to ensure stability and stronger local currency.

-Kiss the truth!

Thanks for educating those village boys

Richtaiwo:
This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

Dropping to N1000 when it has been around N1300- N1400 for a year plus will cause speculation which will lead to market instability

The dropping should be gradual. That margin of N300+ drop suddenly will cause lose for so many business people

Below is it being called woe, showing one group's poison might be another group's dinner.

The woes of the Nigerian Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX) further continued on Tuesday, February 24.

During the session, the domestic currency weakened against the United States Dollar by N6.13 or 0.45 per cent to N1,355.37/$1 from the N1,349.24/$1 it was traded in the previous trading day.

The local currency also moved southwards on Tuesday in the same market window against the Pound Sterling after it lost N6.39 to trade at N1,828.26/£1 versus Monday’s closing price of N1,821.87/£1, and against the Euro, it depreciated by N4.94 to close at N1,596.36/€1, in contrast to the preceding session’s N1,591.42/€1.

Similarly, the Naira crashed against the US Dollar at the GTBank FX counter yesterday by N4 to settle at N1,361/$1 versus the N1,357/$1 it was exchanged a day earlier, and at the parallel market, it remained unchanged at N1,365/$1.

The fall of the Naira coincided with the Central Bank of Nigeria (CBN) buying US Dollars from the market to slow down the rapid rise of the nation’s legal tender. Latest information showed that last week, the apex bank bought about $189.80 million to reduce excess Dollar supply and control how fast the Naira was gaining value.

The rationale was to keep foreign investors from pulling their money out of Nigeria’s fixed-income market. If they sell their investments, it could increase demand for US Dollars and lead to more Dollar outflow from the economy.

https://businesspost.ng/economy/naira-further-falls-to-n1-355-1-at-official-fx-market/

Richtaiwo:
This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

Trump and Tinubu agreement.

Dollar is depreciating not the other way round

BRICS will be blocked by all means.

😂 😂

Na soooooooo...

Everybody with their packaging talks of this Government

So, for some of my friends, especially one of our party leaders who take delight in stockpiling dollars, it is a wake-up call,” the vice president said.
this statement is a security challenge just like the one made by elrufai tapping the NSA phone line.
The APC government is shielding economy saboteurs.

Richtaiwo:
This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

Oga, goods are already in the market and the ports, bought at a higher dollar rate. With the dollar falling daily, do you think importers would risk importing goods for now? No.
It's just like what's happening in the PMS industry where price fluctuate every month. People already have high priced stocks! What happens when price is unstable? People will not want to import. With time, this will lead to scarcity and inturn rise in price.

Sudden change in exchange rate can cause sudden losses . He's right on this one ,not everything is argument fellow Nigerians .

BrickandLace:
Trump and Tinubu agreement.

Dollar is depreciating not the other way round

BRICS will be blocked by all means.

You guys should stop all this nonsense narrative. Naira is appreciating against the pounds. Is the pounds depreciating too?

I don't know the rationale behind the CBN decision.

They should just be sure they are doing the right thing.

the CBN generously intervened yesterday.

You know Shettima is an ex-banker and you would have expected better but what politics causes eh, leave it to God

We should be making the naira strong that we don't even bother about the dollar. Why is our economy pegged to the dollar's position? Many Nigerians are shocked when they japa and take dollars abroad and the locals are looking at you as if you are not okay. Except that country is poor or like tourists, most countries will inisist on the local currency.


https://www.tiktok.com/video/7226451311099743493

That's Obi and Aisha Yesufu. Let them keep stockpiling dollars. Thank God we dodged a bullet. Those guys knows nothing about running an economy. They would have run Nigeria aground. By now we would have been in serious depression. The same Cardosos obidients said has Oluwole qualification is currently the best CBN gov Nigeria ever had. Anybody that listens to their analysis needs to have his brain checked.

What's the meaning of this?
Were they the one promoting it before?

Propaganda can sweet..

Allow drink my garri in peace

Putindbutt:
You guys should stop all this nonsense narrative. Naira is appreciating against the pounds. Is the pounds depreciating too?

I'm not an economist but according to Google...

Flame333:
Propaganda can sweet..

Allow drink my garri in peace

What's the business of garri taker with economy

Pakute:
https://www.channelstv.com/2026/02/24/video-why-naira-did-not-appreciate-to-₦1000-shettima/

Its almost election time, so I'm not surprised.
Enough dollars is out for sharing.

Shettima is talking to Yoruba Muslims

Richtaiwo:
This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

Exactly, I had to go read it again to be sure I read correctly!

helinues:
Dropping to N1000 when it has been around N1300- N1400 for a year plus will cause speculation which will lead to market instability

The dropping should be gradual. That margin of N300+ drop suddenly will cause lose for so many business people

And increase from 200 to five times is better abi?

Try again

A stable currency is better than one with deep market fluctuations; the fluctuations will cause price speculation and then hoarding of the currency, which can cause volatility in the short term.
So the naira will be allowed to appreciate gradually over the coming months or years to a very stable and manageable rate of exchange.

Richtaiwo:
This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

Obaofaba:
I don't know the rationale behind the CBN decision

To ensure market stability.

Good move if it's true

Richtaiwo:
This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

It’s economics… ask the Chinese or the Japanese.
You want a lower purchasing power, so that;
1. Your citizens buy local instead of importing.
2. Foreign exchange has a big value, triggering local production.

The problem is, we are not mechanised to take advantage.

It makes perfect sense.

A naira that rises too fast can be as damaging to the economy as one that falls too fast.

The secret to sustainable economic growth is stability. A slow but steady naira recovery is better.

If naira hits 1000 to a dollar too fast, Nigerian consumers will benefit hugely, but the biggest long term beneficiary will be China, as Nigerians will go back to importing everything under the sun from China. This will destroy our own manufacturing companies, and there will be tremendous job loses. Once cheap Chinese imports destroy our manufacturers, then we will effectively become an economic colony of China.

Remember too that if the naira rises too sharply, the record levels of non-oil exports we have had in the past 2 years will disappear as our produce becomes more expensive for foreign buyers. A strong naira makes our non-oil exports expensive for foreign buyers. They will look elsewhere to buy.

Economics is not a one way thing. For every positive, there are often potential negatives. It is the job of the CBN to manage conflicting possibilities.

I suspect the CBN will probably prefer naira to steadily rise to say around N1250 by end of 2026, N1100 by end of 2027, and N1000 by end of 2028. Steady as you go.

But the CBN will be under tremendous political pressure from APC leaders to allow naira to gain fast later this year so APC can go into 2027 elections saying 'We told you so...Mr Tinubu is an economic genius. Vote for him to perform more magic'.

It is what politicians all over the world do. Mr Trump has been trying to sack the American Central bank Governor for several months now because the Governor refused to cut interest rate as fast as Mr Trump wants.

This is what I want to hear. But the Central Bank has to allow the naira to appreciate more. I understand the fact that allowing the naira to appreciate too fast could hurt some businesses. N500 to a dollar ia attainable, if the powers that be allows it 😎

As una no deh gree read or ask questions na .

Richtaiwo:
This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

Slayar:
Sudden change in exchange rate can cause sudden losses . He's right on this one ,not everything is argument fellow Nigerians .

Ayaa, such a caring government so concerned they do not want businesses to suffer sudden loses.
They were not concerned of losses when naira was suddenly floated and devalued, but they have now shown remorse and now more caring when the naira is appreciating and don't want people to make loss.