- The Presidency revealed strategic measures to strengthen the Naira, emphasizing a shift away from currency depreciation as a sign of vulnerability
- Dr. Tope Fasua, a Special Adviser to the President, warned currency speculators and outlined forward-thinking strategies for the Naira’s stability
In a significant revelation, the Presidency has unveiled President Ahmed Bola Tinubu’s government’s strategic measures aimed at fortifying the Naira. Dr. Tope Fasua, a Special Adviser to the President on Economic Matters, shared this insight during the “Cowries to Cash” lecture and luncheon held in Abuja on Tuesday.
Recent days have witnessed a steady upswing in the Naira’s value, and Fasua affirmed that this trend is poised to persist, thanks to the government’s policy implementations.
Fasua articulated a thought-provoking perspective by stating that the depreciation of a nation’s currency signifies vulnerability, emphasizing, “When you want to destroy a country, destroy its currency first.”
Furthermore, he issued a warning to Nigerians who stockpile foreign currencies in anticipation of further devaluation of the local currency, cautioning that government policies will take them by surprise.
Representing Vice President Kashim Shettima at the event, Fasua declared, “For those speculating and hoping for the Naira’s devaluation, I believe the central bank and the government, under the leadership of President Tinubu, will startle them.”
He invited the audience to delve into the government’s agenda, which reveals President Tinubu’s forward-thinking strategies. These strategies include measures that have already been implemented to reverse the Naira’s depreciation, with the potential for the Naira to strengthen further, possibly reaching the 500 or 600 mark.
Fasua also hinted at an imminent restructuring of the banking sector to enhance Naira stability and resilience.
He underscored the importance of strategic positioning, even in terms of currency value, for optimal export conditions. He assured that the nation’s economic affairs are now overseen by devoted patriots and cautioned those who express skepticism to be wary.
In his keynote address, the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, represented by Mr. Mustapha Haruna, Director of Banking Supervision, acknowledged the economic challenges posed by macroeconomic factors, including the lingering impacts of the COVID-19 pandemic and the ongoing Russia-Ukraine conflict.
Governor Cardoso discussed the book “Cowries to Cashless,” which chronicles the evolutionary journey of the CBN, particularly the remarkable transformation of the Nigerian payment system over the past few decades. He highlighted the deepening of this transformation through the implementation of the cashless policy.
A key priority for the CBN is to foster financial inclusion, with significant progress already made in reaching over 64% of Nigerians with formal financial services. The ultimate goal is to exceed 95% financial inclusion, and the CBN remains dedicated to achieving this target through continued collaboration with stakeholders, including fiscal authorities.
Addressing the book’s significance, Princess Iphie, the author and Executive Director of Asher Global Treasures, emphasized the importance of preserving the history of money’s evolution in Nigeria. She stressed that understanding the past and present is essential for anticipating the future, as money has evolved from Cowries to Manillas and, more recently, to the technological age and various innovations.
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