The Nigerian Presidency has issued a caution to individuals hoarding foreign currencies, warning them that government policies will surprise them. Dr. Tope Fasua, the Special Adviser to the President on Economic Matters, made this announcement during the “Cowries to Cash” lecture and lunch event in Abuja.
Fasua stated that President Bola Tinubu’s administration is working on policies aimed at strengthening the naira. Recent efforts, including clearing outstanding foreign exchange (FX) backlogs owed to banks, have led to a steady increase in the naira’s value, resulting in losses for currency speculators.
Fasua emphasized that these trends are expected to continue due to the policies being implemented by the government. He asserted, “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.”
He also noted that the fall in the value of a country’s currency is a sign of conquest and destruction, stating, “When you want to destroy a country, destroy its currency first.”
Fasua, representing Vice President Kashim Shettima at the event, outlined the administration’s agenda and its commitment to reversing the depreciation of the naira. He indicated that there would be a radical reorganization of the banking sector to make the naira more stable and stronger.
The Central Bank of Nigeria’s Governor, Dr. Olayemi Cardoso, also addressed the economic challenges the country is facing, which are related to macroeconomic issues resulting from the COVID-19 pandemic and the Russia-Ukraine conflict. He highlighted the significant transformation of the Nigerian payment system over the past few decades and the CBN’s efforts to foster financial inclusion.
Cardoso assured that the CBN would collaborate with fiscal authorities and key stakeholders to address essential issues and challenges facing the country. The announcement by the Presidency suggests that the government is taking steps to stabilize the naira and strengthen the country’s currency, which could have far-reaching implications for both the economy and currency markets.