Dr. Tope Fasua, a special adviser to President Bola Ahmed Tinubu, has made a projection that the Naira might strengthen further, potentially reaching an exchange rate of N600 to one US dollar in the foreign exchange market.
Fasua, representing Vice President Kashim Shettima, shared this insight during the “Cowries to Cash” lecture and luncheon in Abuja on Tuesday.
He advised Nigerians against hoarding foreign currencies, anticipating a continued depreciation of the local currency. He also warned that government policies could bring surprises.
Fasua further highlighted the likelihood of significant restructuring within the banking sector to enhance the stability and strength of the Naira.
He said: “For those speculating, praying, and wishing that the currency would become nonsense, I believe that the Central Bank is rolling out the policies 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 something like N500 or N600/$1.”