Presidency Reveals Why Naira Didn’t Hit ₦1000/$ – CBN Said To Intervene

The Presidency has revealed that the naira could have reached ₦1,000 per dollar within “weeks” if the Central Bank of Nigeria (CBN) had not intervened in the foreign exchange (FX) market on Monday to maintain market stability.....KINDLY READ THE FULL STORY HERE▶

Vice President Kashim Shettima made the disclosure on Tuesday during the Progressive Governors’ Forum (PGF) Renewed Hope Ambassadors Strategic Summit in Abuja. He described the development as a warning to those hoarding dollars.

Shettima stated, “If not for the intervention by the Central Bank yesterday, the ₦1,000 per dollar rate would have been achieved in weeks, not months. But for the sake of market stability, the CBN stepped in generously. This should serve as a wake-up call for some, particularly those who delight in stockpiling dollars.

“Our economy is showing strong momentum. Of the seven major investment decisions made in Africa last year, five were in Nigeria. This highlights the strength, viability, and promise of our economy. As we move into 2026, our focus is shifting from stabilization to acceleration.”

Separately, Shettima appealed to the Secretary to the Government of the Federation, George Akume, and the Governor of Benue State, Hyacinth Alia, to resolve their differences and collaborate for the progress of Benue. Speaking at the Renewed Hope Ambassadors Summit at the Presidential Villa, where he represented President Bola Tinubu, Shettima emphasized unity within the All Progressives Congress in the state.

He recalled reports of tension between Akume and Alia, which led to parallel congresses by supporters of each faction about two weeks ago, creating divisions within the party. Shettima urged both leaders to reconcile, warning that ongoing conflict could slow development and negatively impact the welfare of Benue citizens.

Highlighting Akume’s long public service career, Shettima encouraged him to take the first step toward peace. “Senator Akume, you have seen it all—director of protocol, permanent secretary, governor, senator, minister, and now Secretary to the Government of the Federation. As an elder statesman, reach out to our junior brother. Let’s build Benue together. Benue deserves peace. Benue deserves development,” he said.

He concluded with a call for unity, noting, “What binds us together supersedes what divides us. Nigeria’s future is greater than any individual. As Martin Luther King said, we either learn to live together as brothers or perish together as fools. Nigeria is not a nation of fools, but of intelligent, capable people who know their onions.”

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