President Bola Ahmed Tinubu has expressed confidence that the naira will appreciate to ₦1,000 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 in Abuja. He revealed that the Central Bank of Nigeria (CBN) intervened in the foreign exchange market on Monday by mopping up excess dollars in a bid to stabilise the local currency.
According to Mr Tinubu, recent policy measures are beginning to yield tangible results.
“In fact, if not for the interventions by the Central Bank of Nigeria yesterday (Monday), the ₦1,000 to a dollar, we are going to attain it in weeks, not in months,” he said.
Despite the President’s optimism, market data on Tuesday showed continued pressure on the naira. The currency depreciated to ₦1,355.3745 at the official window and around ₦1,370 per dollar on the parallel market.
Meanwhile, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, provided further insight into the country’s financial position during a briefing following the apex bank’s 304th Monetary Policy Committee (MPC) meeting on Tuesday.
Mr Cardoso disclosed that Nigeria’s gross external reserves had risen to a 13-year high of 50.45 billion US dollars as of 16 February 2026. The increase in reserves, he said, reflects improved foreign exchange inflows and stronger macroeconomic management.
Economic analysts say the trajectory of the naira will depend on sustained foreign exchange supply, investor confidence and the effectiveness of the CBN’s monetary tightening measures. The apex bank has in recent months adopted a series of reforms aimed at unifying exchange rates, improving transparency in the FX market and curbing speculative activities.
President Tinubu has repeatedly maintained that his administration’s economic reforms, though challenging in the short term, are designed to restore stability and attract investment in the long run. He urged Nigerians to remain patient, assuring them that the government’s policies are beginning to lay the foundation for a stronger and more resilient economy.
The coming weeks are likely to test the administration’s projections, as market forces and policy interventions interact to determine the naira’s direction.
