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Presidency Expects Naira to Strengthen, Cautions Speculators

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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.

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