President Bola Ahmed Tinubu has expressed optimism that the Nigerian naira will strengthen to about N1,000 against the United States dollar in the coming weeks, citing ongoing monetary policy interventions by his administration.
The president made the remarks on Tuesday while speaking at the Renewed Hope Ambassadors Summit held in Abuja.
Tinubu disclosed that the Central Bank of Nigeria recently intervened in the foreign exchange market by mopping up excess dollars to stabilise the local currency, a move he said helped prevent further volatility.
According to him, current monetary policy measures are beginning to deliver positive results for the Nigerian economy.
“In fact, if not for the interventions by the Central Bank of Nigeria yesterday, the N1,000 to a dollar, we are going to attain it in weeks, not in months,” the president said.
Recent market data showed the naira trading at approximately N1,355.37 per dollar at the official market and about N1,370 per dollar in the parallel market on Tuesday.
Meanwhile, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed after the bank’s 304th Monetary Policy Committee meeting that Nigeria’s gross external reserves rose to a 13-year high of $50.45 billion as of February 16, 2026.
Economic analysts continue to monitor developments in the foreign exchange market as authorities implement policies aimed at strengthening currency stability and improving investor confidence.