By DAYO ADESULU
The Presidency has revealed that a recent CBN intervention stopped naira appreciation to ₦1,000 per dollar, a level the currency was projected to reach within weeks.
Vice President Kashim Shettima made the disclosure during the Progressive Governors’ Forum (PGF) Renewed Hope Ambassadors Strategic Summit in Abuja. According to him, the Central Bank stepped into the foreign exchange market on Monday to stabilize the system, even though the naira was on course to strengthen significantly.
His remarks have sparked fresh conversations across financial and political circles, especially as Nigeria navigates a delicate recovery phase in its economy.
Shettima: Naira Could Have Hit ₦1,000/$ in Weeks
Speaking at the summit, Shettima stated that without regulatory action, the naira would have appreciated to ₦1,000 per dollar within weeks rather than months. However, he emphasized that the apex bank chose to prioritize stability over rapid currency gains.
According to him, the CBN intervention stopped naira appreciation primarily to prevent volatility and maintain confidence in the foreign exchange market.
He also used the moment to send a pointed message to individuals who hoard foreign currency. Describing the development as a “wake-up call,” Shettima suggested that speculative dollar stockpiling may no longer yield the expected gains as macroeconomic indicators begin to improve.
“Our economy is picking up,” he declared, adding that Nigeria secured five out of the seven major investment decisions made in Africa last year. In his view, this reflects renewed investor confidence in the country’s economic direction.
From Stabilization to Acceleration
Furthermore, Shettima said Nigeria is moving beyond economic stabilization into a new phase of acceleration. He explained that 2025 focused heavily on restoring macroeconomic order, while 2026 will prioritize growth expansion, capital inflows, and structural reforms.
Analysts say the statement underscores the administration’s optimism about exchange rate management, inflation control, and foreign reserves.
The Vice President’s remarks also align with the broader reform agenda of President Bola Tinubu, who has consistently pushed for fiscal restructuring and investment-driven growth.
Shettima Brokers Peace in Benue Political Rift
Beyond economic matters, Shettima turned his attention to internal tensions within the ruling All Progressives Congress (APC) in Benue State.
Standing in for President Tinubu at the Renewed Hope Ambassadors Summit held at the Presidential Villa, he appealed to the Secretary to the Government of the Federation, George Akume, and Benue State Governor Hyacinth Alia to resolve their differences.
The appeal followed reports of factional divisions in the state chapter of the party. Supporters aligned with each leader reportedly conducted separate congresses, producing parallel leadership structures and deepening political uncertainty.
Shettima urged both men to put unity above personal grievances. He warned that prolonged conflict could hinder governance and slow development in Benue.
“Benue Deserves Peace”
Addressing Akume directly, Shettima described him as one of the most experienced public servants in the current administration. He recounted Akume’s decades-long career, which spans roles as a state official, governor, senator, minister, and now Secretary to the Government of the Federation.
Given that background, Shettima advised him to take the first conciliatory step toward reconciliation.
“Benue deserves peace. Benue deserves development,” he emphasized, adding that political leaders must focus on collective progress rather than individual disputes.
He reminded party members that shared goals outweigh internal disagreements. According to him, Africa stands at a crucial economic turning point, and Nigeria’s unity will determine whether it maximizes that opportunity.
In a reflective tone, Shettima quoted civil rights icon Martin Luther King Jr., stressing the need for cooperation over division. He argued that Nigeria’s future depends on leaders choosing dialogue instead of discord.
Political and Economic Implications
The dual themes of economic stabilization and political reconciliation dominated the summit.
On the economic front, the assertion that CBN intervention stopped naira appreciation raises fresh debate about exchange rate strategy. While rapid appreciation could boost purchasing power and ease inflationary pressure, sudden swings may disrupt exporters and investors.
Therefore, policymakers appear to favor a gradual, managed strengthening of the currency rather than abrupt shifts.
Politically, Shettima’s mediation effort highlights concerns about party cohesion ahead of future electoral cycles. Internal unity, observers note, often translates into stronger governance outcomes and public confidence.
As Nigeria advances into 2026, the Presidency’s message is clear: economic indicators show improvement, but stability remains paramount. At the same time, political leaders must close ranks to deliver development at both federal and state levels.
Whether through careful FX management or party reconciliation, the administration signals that discipline and unity will shape the country’s next chapter.
For now, the spotlight remains firmly on the Central Bank’s strategy and the evolving dynamics within Benue’s political landscape.
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