Special Adviser to the President on Economic Matters, Dr Tope Fasua, has announced that President Tinubu’s actions will surprise currency speculators. He cautioned individuals who are stockpiling foreign currencies in the hope that the local currency will continue to decline, affirming that the government’s policies will catch them off guard.
Fasua, representing Vice President Kashim Shettima at the event, stated: “Those who speculate and hope for the devaluation of the currency should be aware that the central bank, along with the government I am part of, led by the President, will astonish many of them.
“You should pay attention to his agenda and the man himself, Tinubu, whose forward-thinking surpasses most of us. He has compelling ideas on reversing the fall of the naira’s value, as well as ambitious targets such as growing Nigeria’s economy to a trillion dollars by 2026.”
Fasua also hinted at potential appreciation of the naira, challenging the belief that it would continue to weaken.
He emphasized that a significant overhaul of the banking sector was on the horizon to promote stability and strength in the national currency.
“You need to listen to the agenda, the man himself (Tinubu) and you will see that the level at which he is thinking is far ahead of most of us.
“You know, he has some very great ideas coming up. Some of them are what you’ve seen reversing the fall in the value of the naira, but he has also challenged us to review forward many of the targets, for example, the idea that Nigeria’s economy will get to a trillion dollars. He wants to achieve it 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.”
Fasua concluded by highlighting the strategic approach the government was taking towards exports and currency valuation, assuring that the current administration was composed of patriotic individuals who would prove naysayers wrong.
He mentioned that there are 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.
“We have patriots running the economy right now. And naysayers have to be very, very afraid,” Fasua said.
