The Presidency has warned Nigerians who are hoarding foreign currencies to stop or get ready for losses.
Tope Fasua, the Special Adviser to the President on Economic Matters, stated this at the “Cowries to Cash” lecture and lunch in Abuja on Tuesday, November 7, 2023.
According to him, President Bola Tinubu’s administration is working on policies to strengthen the naira, Punch reports.
Naira to appreciate
Fasua, who represented the Vice President, Kashim Shettima, at the event, expects the naira to strengthen against the US dollar at the official and black markets in the coming weeks.
He also argued that the fall in the value of the currency of a country is a sign of conquest.
His words: “When you want to destroy a country, destroy its currency first.”
He also warned Nigerians hoarding foreign currencies with the hope that the local currency will continue to fall to be prepared for the shock of their lives going by the current policies of the federal government.
“For those who engage in speculative activities, hoping for the devaluation of our currency, it’s worth noting that the Central Bank and our government, under the leadership of the President, are implementing policies that 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.
“Some people thought the naira would keep depreciating, but you are going to see the developments, maybe the naira will strengthen even further to maybe something around N500 or N600 a dollar. The Economic adviser further disclosed that there would be a reorganisation of the banking sector to make the naira more stable and stronger.
He added: “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.”