Why Naira has not reached N1,000/$, Shettima reveals as Tinubu's govt tries to reset economy
Naija News • 5d ago
**The Nigerian Naira: Why It Has Not Reached the Promised Land of N1,000/$**
As Nigeria's Vice-President, Kashim Shettima, recently stated at the Progressive Governors' Forum in Abuja, the naira could have appreciated to N1,000 per dollar in a matter of weeks if not for the Central Bank of Nigeria's (CBN) intervention in the foreign exchange market. This statement has sparked a renewed discussion about the state of our economy and the efforts of the Tinubu administration to reset it.
**Nigeria's Economic Viability**
Interestingly, Nigeria has been attracting significant foreign investments in recent times. Out of seven major investment decisions made in Africa last year, five were made in Nigeria. This is a testament to the strength and viability of our economy. According to VP Shettima, this trend is expected to continue, with the administration focusing on stabilization and acceleration in the coming years.
**The Tinubu Administration's Economic Strategy**
President Bola Tinubu has outlined his vision to reset the economy, which includes the removal of subsidies and the introduction of a unified exchange rate. The administration has also introduced tax reforms aimed at protecting the vulnerable, encouraging entrepreneurship, and promoting transparency in public finance.
**The CBN's Intervention**
The CBN's recent intervention in the foreign exchange market has been criticized by some, who argue that it has hindered the naira's appreciation to N1,000 per dollar. However, VP Shettima's statement suggests that the CBN's intervention was necessary to maintain market stability. The question remains, however, whether this intervention will ultimately hinder the naira's long-term appreciation.
**A Brighter Future Ahead?**
As the Tinubu administration continues to implement its economic reforms, there are indications that the naira may yet reach the milestone of N1,000 per dollar. Business leaders such as Femi Otedola and Aliko Dangote have expressed optimism about the naira's future, predicting that it will strengthen significantly in the coming years. Whether these predictions come to pass remains to be seen, but one thing is certain: the Tinubu administration's commitment to economic reform is a step in the right direction.