Vice President Kashim Shettima has warned those stockpiling foreign currencies in anticipation of a further decline in the naira that they will be in for a surprise as the government’s policies are set to strengthen the currency.
Shettima, who was represented at the “Cowries to Cash” lecture in Abuja by Tope Fasua, the special adviser to the President on Economic Matters, said that the administration of President Ahmed Bola Tinubu is actively developing policies aimed at bolstering the naira.
He noted that the recent positive trend in the naira’s value is expected to continue, and cautioned against viewing its recent depreciation as a sign of weakness.
“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,” Fasua said.
He added that Tinubu has some “very great ideas” for the economy, including a plan 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.