x

Presidency Expects Naira to Strengthen, Cautions Speculators

By Milcah Tanimu

The Presidency revealed that former Lagos State Governor and potential presidential candidate, Bola Tinubu, is working on policies to bolster the Nigerian Naira. Dr. Tope Fasua, the Special Adviser to the President on Economic Matters, shared this information during a “Cowries to Cash” lecture and luncheon in Abuja.

Recent days have seen a steady increase in the Naira’s value, and Fasua attributes this to the policies implemented by the government. He emphasized that a country’s currency’s devaluation is a sign of vulnerability, stating, “When you want to destroy a country, destroy its currency first.”

Fasua warned those hoarding foreign currencies in the expectation of further depreciation of the local currency, stating that government policies will come as a surprise to them. He assured that the policies rolled out by the Central Bank and the administration led by President Tinubu will be effective in stabilizing the Naira.

Fasua, who represented Vice President Kashim Shettima at the event, highlighted that President Tinubu has ambitious plans, including reversing the Naira’s depreciation and striving for a trillion-dollar economy by 2026. He expressed confidence that the Naira might strengthen even further, potentially reaching values of 500 or 600 to the US dollar.

He stressed the importance of strategic positioning of exports, including currency value management, to enhance economic growth and stability. Fasua praised the current administration’s commitment to the Nigerian economy and cautioned naysayers to be wary.

The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, who was represented by Mr. Mustapha Haruna, the Director of Banking Supervision, acknowledged the economic challenges faced by the country due to various macroeconomic factors, including the ongoing impacts of the COVID-19 pandemic and the Russia-Ukraine war.

Hot this week

#FreeNnamdiKanu: Protest Traps Abuja Residents, Close Businesses, and Offices

By Joyce Remi-BabayejuAs the # FreeNnamdiKanu protesters tropped...

Kogi Electoral Law Aligns with INEC Act for Credible 2026 LG Polls – Mamman Eri

By Noah Ocheni, LokojaThe Chairman of the Kogi State...

Ruben Amorim’s Bold Faith in Senne Lammens Pays Off as Rio Ferdinand Delivers Five-Word Verdict

Manchester United’s dramatic 2-1 victory over Liverpool at Anfield...

Wike Assures 12-Month Completion of Nigerian Law School Hostel

By Joyce Remi-BabayejuThe FCT Minister Barr. Nysome Wike...

INSPIRATION:Building a Reliable Humanity: Where Peace and Growth Reign

With Mary EwaLife will always remain a venture—an unfolding...

MRA announces call for entries for 2026 Goodluck Jonathan FOI Awards

By Achadu Gabriel, KadunaMedia Rights Agenda (MRA) Thursday,...

Over 50 terrorists neutralize, 70 wounded in severe battle with troops

By Achadu Gabriel, KadunaWith renewed vigour and triumph,...

Consumer Protection Commission charges against food adulteration

By Israel Adamu, JosThe Federal Competition and Consumer...

ECOWAS Role in Conflict Management and Resolution of the Malian Crisis

By Abdul Mahmoud YayaleThe protracted crisis in Mali...

Bingham University, commissions multipurpose laboratory, office complex

By Israel Adamu,JosBingham University, Karu,on Thursday achieved...

Related Articles

Popular Categories

spot_imgspot_img