In a recent announcement, President Bola Tinubu, has revealed plans 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.
The Nigerian Naira has experienced a steady increase in its value in recent days, a development attributed to the policies implemented by the government. Fasua stressed the significance of maintaining a strong national currency, highlighting that a currency’s devaluation can signal vulnerability, stating, “When you want to destroy a country, destroy its currency first.”
Fasua also issued a warning to those hoarding foreign currencies in anticipation of further Naira depreciation, assuring them that government policies will come as a surprise. He expressed confidence in the effectiveness of the policies rolled out by the Central Bank and the administration led by President Tinubu in stabilizing the Naira.
Representing Vice President Kashim Shettima at the event, Fasua emphasized President Tinubu’s ambitious plans, including reversing the Naira’s depreciation and aiming for a trillion-dollar economy by 2026. He even suggested that the Naira could strengthen further, potentially reaching values of 500 or 600 to the US dollar.
That Naira falls to Dollar, Fasua underscored the importance of strategic export positioning and currency value management in enhancing economic growth and stability, commending the current administration’s dedication to the Nigerian economy and cautioning against scepticism.
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 facing the country, including the ongoing impacts of the COVID-19 pandemic and the Russia-Ukraine war.