Vice President Kashim Shettima has issued a stern warning to individuals hoarding foreign currencies in anticipation of a further decline in the naira.
Speaking at the “Cowries to Cash” lecture in Abuja, represented by Tope Fasua, the special adviser to President Ahmed Bola Tinubu on Economic Matters, Shettima revealed that the government is actively formulating policies aimed at strengthening the currency.
He emphasized the recent positive trend in the naira’s value, cautioning against interpreting its recent depreciation as a sign of weakness. Fasua, speaking on behalf of Shettima, stated, “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 also highlighted President Tinubu’s ambitious economic plans, including the goal to grow the country’s GDP to $1 trillion by 2026. He hinted at potential strengthening of the naira, mentioning, “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.”
Additionally, Fasua disclosed plans for substantial restructuring within the banking sector to enhance the stability and strength of the naira. He emphasized the strategic positioning of exports, including efforts from the fiscal side, and reassured the public that patriots are managing the economy. Fasua warned naysayers to be cautious of the government’s initiatives.