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Shock Awaits Currency Speculators, Says Presidency
The Presidency has issued a warning to Nigerians hoarding foreign currencies, urging them to cease such actions. The government has hinted at upcoming policies that may surprise those engaging in hoarding.
Dr. Tope Fasua, the Special Adviser to the President on Economic Matters, revealed this information during the “Cowries to Cash” lecture and lunch held on Tuesday in Abuja.
According to Dr. Tope Fasua, the President Bola Tinubu’s administration is actively formulating policies aimed at strengthening the naira.
The ongoing clearance of outstanding foreign exchange backlogs owed to banks has resulted in a consistent increase in the value of the naira, causing substantial losses for speculators.
Fasua mentioned that the positive trend is anticipated to persist due to government-implemented policies.
He also expressed the view that a decline in a country’s currency value is indicative of vulnerability, stating, “When you want to destroy a country, destroy its currency first.”
Fasua, representing the Vice President, Kashim Shettima, at the event, added, “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.”
He said there was going to be some radical reorganisation 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 the value of your currency. So you’re going to see all of these, including efforts from the fiscal side.
“We have patriots running the economy right now. And naysayers have to be very, very afraid,” Fasua added.
During the event, the Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso, represented by Mr. Mustapha Haruna, the Director of Banking Supervision, stated in his keynote address that the nation is facing economic challenges due to various macroeconomic issues, including the lingering impacts of the COVID-19 pandemic and the ongoing Russia-Ukraine war.
The Nigerian Economic Summit Group (NESG) has projected that the country has the potential to achieve a 5.5% growth in Gross Domestic Product (GDP) if critical policy reforms are sustained.
This was disclosed on Thursday during the launch of the NESG’s 2025 Macroeconomic Outlook report.
Speaking at the event, the Chief Economist and Director of Research & Development at NESG, Dr. Olusegun Omisakin, highlighted the need for more efficient policy implementation to unlock Nigeria’s economic potential.
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“We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent, and we believe that this is achievable,” Omisakin stated.
More to follow……….
The Central Bank of Nigeria (CBN) has announced the release of the Nigerian Foreign Exchange (FX) Code, a set of guidelines designed to promote ethical conduct among authorized dealers in the country’s FX market.
In a statement, the apex bank disclosed that the official launch of the Code would take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
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“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market,” the statement read.
The introduction of the FX Code is expected to enhance transparency, accountability, and professionalism within Nigeria’s foreign exchange ecosystem, aligning it with global best practices.
The event is anticipated to attract key stakeholders in the financial and banking sectors, as well as representatives from authorized FX-dealing institutions across the country.
The 47th President of the United States, Donald Trump attracted up 3 trillion dollars in investments into the country’s economy in his first full day at work.
This was gleaned from the verified handle of the POTUS on micro-blogging site, X, on Wednesday.
Biztellers reports that the POTUS is focused ensuring at least $1 trillion investment daily for the first seven days of his return to the White House, which would be driven by key clearly identified areas, including artificial intelligence.
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President Trump wrote, “In total, before the end of my first full business day in Washington and the White House, we’ve already secured nearly $3 trillion of new investments in the United States.
“And probably, that’s going to be six or seven by the end of the week.”
In a short video clip accompanying the statement, President Trump assured that the surge in investments would likely hit $7 trillion within his first seven days as the 47th POTUS.
He highlighted that artificial intelligence had proven to be an area lots of willing entrepreneurs had shown much appetite for.
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