The Presidency has issued a caution to currency speculators engaged in the practice of stockpiling dollars, stating that they will soon face disappointment as a result of forthcoming policies to be introduced by President Bola Ahmed Tinubu’s administration through the Central Bank of Nigeria (CBN).
During a lecture and luncheon held in Abuja on Tuesday, Tope Fasua, the Special Adviser to the President on Economic Matters, revealed that the administration is actively formulating economic strategies to bolster the Naira.
Fasua, representing Vice President Kashim Shettima at the event, emphasized that the recent and consistent appreciation of the Naira’s value in recent days is expected to persist, thanks to the government’s ongoing policy initiatives.
Furthermore, the presidential advisor issued a warning to individuals in Nigeria who are accumulating foreign currencies with the expectation that the domestic currency will continue to depreciate, indicating that they should anticipate a forthcoming surprise.
“For those who are speculating and praying and wishing that the currency would become nonsense, I believe that the policies are being rolled out by the central bank and the government that I serve, led by the President, will shock some of them.
“You need to listen to the agenda, the man himself (Tinubu) and you will see that the level at which he is thinking is far ahead of most of us.
“You know, he has some very great ideas coming up. Some of them are what you’ve seen reversing the fall in the value of the Naira, but he has also challenged us to review forward many of the targets, for example, the idea that Nigeria’s economy will get to a trillion dollars. He wants to achieve it by 2026.
“Some people thought that the Naira would continue to lose value. Of course, we can already see what’s going on and who knows, maybe the Naira will strengthen even further to maybe something 500 or 600. I’m beginning to see some of those.”
“If you want to position your exports properly, you have to be strategic, even in terms of the value of your currency. So you’re going to see all of these, including efforts from the fiscal side.
“We have patriots running the economy right now. And naysayers have to be very, very afraid.”