Speculators Hoarding Dollars Will Be Shocked By Upcoming Policies – Presidency

The Presidency has warned that speculators who are in the business of hoarding dollars will soon have a rude shock of their lives with new policies to be rolled out by President Bola Ahmed Tinubu’s administration through the Central Bank of Nigeria (CBN).

Vice President Kashim Shettima, who was represented by the Special Adviser to the President on Economic Affairs, Dr Tope Fasua, gave the hint on Tuesday in Abuja.

The event was lecture and launch of a book titled, “Cowries to Cashless”, authored by Princess Iphie, the Executive Director of Asher Global Treasures Limited & Talia Hills Limited. The unveiling of the book coincided with the 65th anniversary of the Central Bank of Nigeria.

He revealed that President Bola Tinubu’s administration is working on policies to strengthen the naira.

There has been a steady rise in the value of the naira due to the clearance of outstanding foreign exchange (FX) backlogs owed to banks, resulting in significant losses for speculators.

However, Fasua stated that this trend is expected to continue because of the government’s implemented policies.

Describing the depreciation of a country’s currency as a sign of conquest, he said, “When you want to destroy a country, destroy its currency first.”

Fasua, representing Vice President Kashim Shettima at the event, added, “For those who are speculating and hoping that the currency will become worthless, I believe that the Central Bank and the government, led by the President, have policies in place that will shock some of them

You need to listen to the agenda of the man himself (Tinubu), and you will see that his thinking is far ahead of most of us.

“He has some great ideas coming up. Some of them are the measures that have reversed the depreciation of the naira, and he has challenged us to advance many targets, such as reaching a trillion-dollar economy by 2026.

“Some people thought that the naira would continue to depreciate. However, we can already see what’s happening, and who knows, maybe the naira will strengthen even further, perhaps to 500 or 600. I’m starting to see some of that.”

He mentioned that there would be a radical restructuring of the banking sector to make the naira more stable and stronger.

“If you want to position your exports properly, you have to be strategic, even in terms of your currency’s value. So you will see all of these changes, including efforts from the fiscal side.

“Right now, patriots are running the economy, and naysayers should be very, very afraid,” Fasua added.

In his keynote address at the event, Dr Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), represented by Mr Mustapha Haruna, the Director of Banking Supervision, mentioned that the country is facing economic challenges due to various macroeconomic issues related to the COVID-19 pandemic and the ongoing Russia-Ukraine war.