Vice President Kashim Shettima has issued a warning to those who are hoarding foreign currencies in anticipation of further depreciation of the naira. Shettima, represented at the “Cowries to Cash” lecture in Abuja by Tope Fasua, the special adviser to the President on Economic Matters, stated that the government of President Ahmed Bola Tinubu is actively working on policies that will strengthen the naira.
He also cautioned that the recent depreciation of the naira should not be viewed as a weakness and that the recent positive trend in the naira’s value is expected to continue. Fasua added that the central bank and Tinubu’s government are rolling out policies that would surprise those who are speculating and praying for the currency to become worthless.
Fasua also noted that Tinubu has some “very great ideas” for the economy, including plans to grow the country’s GDP to $1 trillion 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,” he stated.
Fasua also mentioned plans for significant restructuring within the banking sector to enhance the stability and strength of the naira.
“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,” he said.
“We have patriots running the economy right now. And naysayers have to be very, very afraid,” Fasua added.