Vice President Kashim Shettima says reforms stabilised Nigeria’s economy, adding CBN intervention prevented the naira from hitting N1,000 per dollar.
Nigeria’s Vice President, Kashim Shettima, has said the country’s currency could have depreciated to about N1,000 to the dollar within weeks if not for the stabilising interventions of 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.
He said the administration deliberately adopted difficult but necessary reforms to address 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.
According to him, the reforms implemented by the government have begun to produce measurable economic improvements, including stabilisation of the currency and easing price pressures.
“In doing so, we’ve restored fiscal credibility, stabilised the economy, and set the foundation for long-term economic growth,” he said.
Shettima added that early indicators suggest the policies are beginning to yield positive results across key economic indicators.
“Today, we’re seeing clear signs that our reforms are yielding results; inflationary prices are moderating, fuel prices are easing, and our currency is strong and stable,” he said.
The Vice President noted that policy discipline and coordination between fiscal and monetary authorities have been critical in preventing a sharper depreciation of the naira and maintaining macroeconomic stability.
