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General News of Wednesday, 8 November 2023


'Tinubu will disappoint those praying naira would become nonsense' - Presidency

President Bola Ahmed Tinubu President Bola Ahmed Tinubu

The Presidency has cautioned that Nigerians in the business of hoarding dollars will be disappointed soon with new policies to be rolled out by President Bola Ahmed Tinubu’s administration through the Central Bank of Nigeria (CBN).

Special Adviser to the President on Economic matters, Tope Fasua made this known while delivering a speech at a lecture and lunch in Abuja on Tuesday, November 7.

According to him, Tinubu's administration is working on economic policies to strengthen the Naira.

He added that the steady rise in the value of the Naira in the past few days will continue because of policies being implemented by the government.

He said: “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.

“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.”

“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."