The Nigerian Presidency has announced that President Bola Tinubu's administration is working on policies to strengthen the Naira. Special Adviser to the President on Economic Matters, Dr Tope Fasua, stated that the rise in the naira's value is expected to continue due to government policies. Fasua warned that Nigerians hoarding foreign currencies with the hope of the local currency falling would be shocked by the policies being rolled out by the Central Bank and the government led by the President.
The Central Bank of Nigeria (CBN) governor, Dr Olayemi Cardoso, said the country was going through economic challenges due to macroeconomic issues linked to the COVID-19 pandemic and the ongoing Russia-Ukraine war. He stated that the CBN's strategic priorities include fostering financial inclusion and pushing the boundaries to over 95%.
Princess Iphie, author and Executive Director of Asher Global Treasures, emphasized the need to preserve the evolution of money and its history in Nigeria. She argued that the Federal Government has huge foreign currency denominated debt that dangles like an albatross over the economy. Instead of pursuing currency speculators, greater attention should go to debt reduction, extinguishing outstanding CBN obligations, and engineering infrastructure development.
Market mechanisms should be allowed to allocate foreign exchange according to market reality, and the government should let markets sort themselves out. Speculation can be minimized if policy discourages dollar payments, and services or products should be priced in naira, including bonuses given to players and property owners.
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