Kashim Shettima
Ola Wale
Vice President Kashim Shettima attributes the naira’s failure to appreciate to ₦1,000/$ to the Central Bank of Nigeria’s (CBN) intervention in the foreign exchange market. He believes the currency would have strengthened to that level within weeks if not for the CBN’s actions to ensure market stability.
Shettima’s statement comes as Aliko Dangote, Chairman of the Dangote Group, predicts the naira could strengthen to ₦1,100 per dollar in 2026, citing government reforms and import restrictions. Femi Otedola, Chairman of First HoldCo, also forecasts the naira trading below ₦1,000 to the dollar before year-end, driven by the Dangote Petroleum Refinery’s full operational capacity.
The naira currently trades around ₦1,340 per dollar in the official market, with the parallel market rate at ₦1,380-₦1,440. The currency has faced pressure due to various economic challenges, including inflation and foreign exchange shortages.
The CBN has implemented measures to stabilize the naira, including selling dollars to banks and restricting access to foreign exchange for certain imports. These actions aim to manage demand and prevent further depreciation.
The Dangote Petroleum Refinery is expected to boost Nigeria’s economy by reducing reliance on imported fuel and increasing foreign exchange earnings. The refinery’s full operational capacity is seen as a key factor in stabilizing the naira.
Shettima’s comments suggest the government is aware of the naira’s potential to strengthen but is taking steps to manage the exchange rate. The CBN’s intervention is aimed at preventing volatility and ensuring economic stability.
The naira’s performance is closely watched, given its impact on Nigeria’s economy and trade. A stronger naira could boost investor confidence and increase purchasing.
