Nigeria’s Vice President, Kashim Shettima, has said the naira could have depreciated to about ₦1,000 to the dollar within weeks if not for stabilising interventions by the Central Bank of Nigeria.
Shettima made the remark while reflecting on the economic reforms undertaken by the administration of President Bola Tinubu, as the government marked its first 1,000 days in office.
According to the Vice President, the administration deliberately embraced tough but necessary reforms to tackle long-standing structural distortions in the economy and restore fiscal credibility.
“Last weekend marked the Tinubu administration’s 1,000 days in office. From the start, our administration chose the path of honesty and discipline; we confronted deep-seated structural distortions,” Shettima said.
He explained that the reforms initiated by the government are beginning to yield measurable gains, including currency stabilisation and easing price pressures.
“In doing so, we’ve restored fiscal credibility, stabilised the economy, and laid the foundation for long-term economic growth,” he added.
Shettima noted that early indicators show the policies are producing positive outcomes across key economic metrics.
“Today, we’re seeing clear signs that our reforms are yielding results. Inflationary pressures are moderating, fuel prices are easing, and our currency is stronger and more stable,” he said.
The Vice President further emphasised that strong policy discipline and effective coordination between fiscal and monetary authorities played a crucial role in averting a sharper depreciation of the naira and sustaining macroeconomic stability.
ELIJAH ADEYEMI
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