The Presidency has warned that speculators in the business of hoarding dollars will soon be disappointed with new policies to be rolled out by President Bola Ahmed Tinubu’s administration through the Central Bank of Nigeria (CBN).
Speaking at a lecture and lunch in Abuja on Tuesday, the Special Adviser to the President on Economic Matters, Tope Fasua, said that the administration is working on economic policies to strengthen the Naira.
Fasua, who represented Vice President Kashim Shettima at the event, said the steady rise in the value of the Naira in the past few days is expected to continue due to policies being implemented by the government.
The presidential aide also warned Nigerians who are hoarding foreign currencies with the hope that the local currency would continue to fall to expect a surprise soon.
He said:
Quote
“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.”
“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.
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