President Tinubu Forecasts Naira Appreciation to N1,000 per Dollar in Coming Weeks
President Bola Tinubu has projected that the Nigerian naira could strengthen to an exchange rate of N1,000 per United States dollar within the next few weeks. This optimistic outlook was delivered during the Renewed Hope Ambassadors Summit held in Abuja on Tuesday, February 25, 2026. Represented by Vice President Kashim Shettima, Tinubu attributed this potential currency appreciation to ongoing economic reforms and recent interventions by the Central Bank of Nigeria (CBN) aimed at stabilising the foreign exchange market.
Economic Reforms and CBN Interventions Cited as Key Drivers
In his address, President Tinubu emphasised that his administration's economic policies are beginning to yield positive results. He specifically highlighted the CBN's interventions as a critical factor in achieving market stability. "In fact, if not for the interventions by the Central Bank of Nigeria yesterday, N1,000 to a dollar, we are going to attain it in weeks, not in months," Tinubu stated. He further explained that these measures were necessary to maintain orderly market conditions and cautioned against speculative hoarding of foreign currency.
The President reflected on the reforms undertaken by his government, noting the sacrifices made and the shared responsibility to translate policy vision into measurable impact. "From the start, our administration chose the path of honesty and discipline. We confronted deep-seated structural distortions. In so doing, we have restored fiscal credibility, stabilised the economy and set the foundation for long-term economic growth," he added.
Current Economic Indicators and Future Outlook
Tinubu pointed out that inflationary pressures are moderating, oil prices are easing, and the naira is becoming stronger and more stable. He also underscored Nigeria's economic potential, mentioning that the country accounted for five of the seven major investment decisions made in Africa last year. Looking ahead, the President outlined plans for acceleration in 2026, anchored by a N58.18 trillion budget with record capital expenditure and the largest allocation to national security in Nigeria's history.
On tax reforms, Tinubu noted that these measures are designed to protect vulnerable Nigerians, promote enterprise, and enhance transparency in public finance. He also highlighted a recent executive order on remittances to the federation account, aimed at safeguarding revenues, eliminating duplication, and curbing waste.
Public Engagement and Countering Misinformation
The President stressed that no reform can succeed without public understanding and participation. He described the Renewed Hope Ambassadors platform as a strategic vehicle for civic engagement, urging members to explain the rationale behind tough decisions and counter misinformation with facts. "They must explain why tough decisions have to be made and how they link to jobs, security, enterprise, opportunity and a more stable future," Tinubu said, encouraging them to serve as a feedback channel between citizens and the government.
Recent Market Fluctuations and Context
This projection comes amid recent volatility in the forex market. Earlier reports indicated that Bureau De Change (BDC) operators had raised the exchange rate of the US dollar above the N1,400 mark in the parallel market, with rates reaching N1,428 in key trading hubs in Lagos. This represents a depreciation of N93 in just a few days, highlighting the challenges in achieving currency stability. However, Tinubu's comments suggest confidence that the CBN's interventions and broader reforms will reverse this trend and lead to significant appreciation in the near term.
