The Naira is set to become stronger and more stable as the government of President Ahmed Bola Tinubu implements policies that will boost the economy, a presidential aide has said.
Dr Tope Fasua, the Special Adviser to the President on Economic Matters, spoke at the “Cowries to Cash” lecture and lunch in Abuja on Tuesday. He said the President had great ideas that would surprise those who were speculating and wishing that the currency would depreciate.
He said the President had challenged the economic team to review the target of achieving a trillion-dollar economy by 2026. He also hinted at a major restructuring of the banking sector to enhance the value of the Naira.
Fasua, who represented the Vice President, Kashim Shettima, at the event, said the government was working with patriots who would not allow naysayers to derail the economic progress.
He warned Nigerians who were hoarding foreign currencies to expect a shock as the Naira would continue to appreciate in the coming days.
The Central Bank of Nigeria (CBN) Governor, Dr Olayemi Cardoso, who was represented by the Director of Banking Supervision, Mr. Mustapha Haruna, said the country was facing economic challenges due to the COVID-19 pandemic and the Russia-Ukraine war.
He said the CBN was collaborating with the fiscal authorities to address the issues and challenges. He also commended the author of the book (Cowries to Cashless), Princess Iphie, for documenting the history of the Nigerian payment system and the transformation brought by the cashless policy.
He said the CBN was committed to fostering financial inclusion and increasing the access of Nigerians to formal financial services. He said the current financial inclusion rate was about 64 per cent and the CBN aimed to achieve over 95 per cent.