Naira Devaluation: Tinubu'll Shock You, Shettima Tells Nigerians

Vice President Kashim Shettima has issued a stern warning to those stockpiling foreign currencies anticipating Naira's further decline.

He asserted that the government's policies are firmly in place to strengthen the local currency and cautioned against speculation.

Shettima's remarks came during the "Cowries to Cash" lecture in Abuja, where he was represented by Tope Fasua, the Special Adviser to the President on Economic Matters.

Fasua conveyed that the administration of President Ahmed Bola Tinubu is actively developing comprehensive strategies to bolster the naira.

He emphasized the positive trend in the naira's value and advised against interpreting its recent depreciation as a sign of weakness.

"I believe that the policies being rolled out by the central bank and the government, led by the President,

"will shock some of those who are speculating and praying and wishing that the currency would become nonsense," Fasua declared.

Fasua revealed Tinubu's "very great ideas" for the economy, including an ambitious plan to grow the country's GDP to a staggering $1 trillion by 2026.

He expressed optimism about the naira's potential for further appreciation, stating,

"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."

In addition, Fasua outlined plans for significant restructuring within the banking sector to enhance the stability and strength of the naira.

He emphasized the importance of strategic planning in export positioning, noting,

"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."

Fasua concluded his remarks with a strong declaration of confidence in the government's economic stewardship.

"We have patriots running the economy right now. And naysayers have to be very, very afraid," he asserted.