Dollar to Naira : Vice President Shettima Assures Currency Strength Amidst Naira Concerns.
In a clear message to those stockpiling foreign currencies in anticipation of further depreciation of the naira, Vice President Kashim Shettima has delivered a strong warning that the government’s policies are poised to strengthen the national currency.
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Represented by Tope Fasua, the special adviser to President Ahmed Bola Tinubu, at the “Cowries to Cash” lecture in Abuja, Shettima highlighted the administration’s commitment to formulating policies aimed at bolstering the naira’s value. He emphasized that the recent positive trend in the naira’s value is expected to continue, cautioning against misinterpreting its recent depreciation as a sign of weakness.
Dollar to Naira black market exchange rate today Nov 8, 2023: Aboki dollar to Naira today
Addressing those speculating on the naira’s future, Fasua stated, “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.”
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Fasua also revealed that President Tinubu has significant economic plans, including an ambitious target of growing the country’s Gross Domestic Product (GDP) to $1 trillion 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 like 500 or 600. I’m beginning to see some of those,” he added.
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The special adviser further highlighted plans for substantial restructuring within the banking sector to enhance the stability and strength of the naira. Fasua explained, “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.”
He concluded by expressing confidence in the team managing the economy, referring to them as “patriots,” and cautioned naysayers to be wary of the positive changes that are in the pipeline.
