President Bola Ahmed Tinubu has projected that the Nigerian naira could strengthen to N1,000 against the United States dollar in the coming weeks, signaling renewed confidence in the country’s monetary and fiscal direction.
The President made this assertion on Tuesday while delivering remarks at the Renewed Hope Ambassadors Summit in Abuja, where he addressed key stakeholders on the state of the economy and the trajectory of ongoing reforms.
During his speech, Tinubu revealed that the Central Bank of Nigeria had carried out a crucial market operation on Monday aimed at stabilizing the local currency. According to him, the apex bank intervened by withdrawing surplus dollars from circulation in a bid to curb volatility and reinforce exchange rate stability.
The President emphasized that recent monetary policy decisions introduced by his administration are beginning to produce measurable outcomes, particularly within the foreign exchange market.
“In fact, if not for the interventions by the Central Bank of Nigeria yesterday (Monday), the N1,000 to a dollar, we are going to attain it in weeks, not in months,” Tinubu stated, underscoring his optimism about the short-term outlook for the naira.
FX Market Performance Reflects Continued Pressure
Despite the President’s positive projection, market data on Tuesday indicated that the naira remained under pressure across both official and parallel segments.
At the official window, the currency depreciated to 1,355.3745 per dollar. Meanwhile, activity in the black market saw the naira trading around N1,370 to the dollar, reflecting ongoing supply-demand imbalances in the retail foreign exchange space.
The divergence between official and parallel market rates continues to highlight structural pressures within Nigeria’s FX ecosystem, even as policymakers intensify reform measures to attract inflows and restore confidence.
CBN Reports 13-Year High in External Reserves
Also on Tuesday, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, provided further insight into the country’s macroeconomic position during a post-meeting briefing following the apex bank’s 304th Monetary Policy Committee (MPC) session.
Cardoso disclosed that Nigeria’s gross external reserves climbed to $50.45 billion as of February 16, 2026 — marking the highest level recorded in 13 years. The development signals strengthened external buffers and enhanced capacity to defend the currency where necessary.
The accumulation of reserves, according to the CBN Governor, reflects improved foreign exchange inflows, tighter monetary controls, and strategic interventions aimed at restoring equilibrium within the financial system.
The rise in reserves is expected to bolster investor confidence, improve Nigeria’s external liquidity position, and provide additional room for exchange rate management.
Reform Momentum and Market Expectations
Tinubu’s comments come amid ongoing efforts by his administration to implement macroeconomic reforms targeting inflation control, fiscal consolidation, and exchange rate unification.
Analysts note that sustained reserve growth, combined with disciplined monetary tightening and FX liquidity management, could support gradual naira appreciation if external conditions remain favorable.
However, market observers also caution that achieving N1,000 per dollar in the near term would depend heavily on sustained dollar inflows, improved oil production levels, foreign portfolio investment, and continued Central Bank credibility in policy execution.
For businesses, investors, and households, the trajectory of the naira remains a critical variable influencing import costs, inflationary pressures, and overall economic sentiment.
With the CBN’s recent interventions and a reported surge in external reserves, the coming weeks are expected to be closely watched by financial markets as stakeholders assess whether the projected currency rebound materializes.
