President Bola Ahmed Tinubu has expressed confidence that the Nigerian naira will strengthen significantly, projecting it could appreciate to ₦1,000 per dollar within the coming weeks as economic reforms and monetary interventions take effect.
Speaking at the Renewed Hope Ambassadors Summit in Abuja on Tuesday, Tinubu revealed that the Central Bank of Nigeria (CBN) recently intervened in the foreign exchange market by mopping up excess dollars to stabilize the local currency.
According to the president, the intervention was necessary to support ongoing monetary policy measures aimed at restoring confidence in the naira and improving overall economic stability.
“In fact, if not for the interventions by the Central Bank of Nigeria yesterday, the ₦1,000 to a dollar—we are going to attain it in weeks, not in months,” Tinubu said.
Despite the optimism, recent exchange rate data shows the naira trading weaker across markets. On Tuesday, the currency depreciated to ₦1,355.37 per dollar at the official market and about ₦1,370 per dollar in the parallel market.
Meanwhile, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced that Nigeria’s gross external reserves rose to $50.45 billion as of February 16, 2026. The figure represents the country’s highest reserve level in 13 years, signaling improved foreign exchange inflows and stronger financial buffers.
Economic analysts say sustained CBN interventions, increased reserves, and tighter monetary policies could help stabilize the naira in the coming months. However, market watchers note that achieving a ₦1,000 per dollar exchange rate will depend on continued forex supply, investor confidence, and broader economic reforms.
Tinubu’s remarks come amid ongoing efforts by his administration to strengthen Nigeria’s economy, curb inflation, and stabilize the foreign exchange market under its Renewed Hope agenda.
