{"id":919,"date":"2023-11-08T08:52:46","date_gmt":"2023-11-08T08:52:46","guid":{"rendered":"https:\/\/arritoneconsult.com.ng\/blog\/?p=919"},"modified":"2023-11-08T08:53:11","modified_gmt":"2023-11-08T08:53:11","slug":"nigerias-naira-to-strengthen-says-presidency-a-promising-turn-in-economic-policy","status":"publish","type":"post","link":"https:\/\/arritoneconsult.com.ng\/blog\/2023\/11\/08\/nigerias-naira-to-strengthen-says-presidency-a-promising-turn-in-economic-policy\/","title":{"rendered":"Nigeria’s Naira to Strengthen, Says Presidency – A Promising Turn in Economic Policy"},"content":{"rendered":"\n

In a recent announcement from the Presidency, it has been revealed that President Bola Tinubu’s administration is actively working on policies aimed at fortifying the Nigeria’s Naira to Strengthen national currency. The Special Adviser to the President on Economic Matters, Dr. Tope Fasua, made this disclosure during the “Cowries to Cash” lecture and lunch event held in Abuja.<\/p>\n\n\n\n

A recent positive trend has seen a gradual rise in the value of the Naira, and Fasua confidently asserts that this upward trajectory is expected to continue, thanks to government initiatives. He emphasized the importance of currency strength, stating that the depreciation of a nation’s currency can be a harbinger of economic woes.<\/p>\n\n\n\n

Fasua, who represented Vice President Kashim Shettima at the event, conveyed the President’s commitment to bolstering the Nigeria’s Naira to Strengthen. He also hinted at ambitious economic goals and strategies, including reversing the Naira’s depreciation, with the potential for further strengthening.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Fasua added that significant changes were on the horizon for the banking sector, aimed at stabilizing and fortifying the Naira. He emphasized that strategic currency management is crucial for positioning exports effectively.<\/p>\n\n\n\n

Speaking at the event, the governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, acknowledged that Nigeria is currently grappling with economic challenges related to the COVID-19 pandemic and the Russia-Ukraine conflict. He pointed out that the book, “Cowries to Cashless,” being discussed at the event, traces the evolution of the Nigerian payment system over the past few decades, showcasing the substantial transformation it has undergone.<\/p>\n\n\n\n

Cardoso emphasized the CBN’s commitment to fostering financial inclusion and stated that over 64% of Nigerians now have access to formal financial services, with a vision to raise this figure to over 95%.<\/p>\n\n\n\n

However, reactions to the announcement have varied. David Adonri, Vice Executive Chairman at HIGHCAP Securities Limited, urged a focus on debt reduction and infrastructure development instead of intervening in the foreign exchange market. He emphasized that market mechanisms should be allowed to regulate the exchange rate.<\/p>\n\n\n\n

Mallam Garba Kurfi, CEO of APT Securities and Funds Limited, expressed hope for the success of the policy, suggesting that services and products in Nigeria should be priced exclusively in Naira, while foreign rent payments should also be conducted in the national currency.<\/p>\n\n\n\n

The announcement of the government’s commitment to strengthen the Naira presents a hopeful outlook for the Nigerian economy, although it also sparks debates on the most effective strategies to achieve this goal.<\/p>\n\n\n\n

For more news visit https:\/\/arritoneconsult.com.ng\/blog<\/a><\/p>\n\n\n\n

For more educational post visit examhood.com.ng<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In a recent announcement from the Presidency, it has been revealed that President Bola Tinubu’s administration is actively working on policies aimed […]<\/p>\n","protected":false},"author":4,"featured_media":920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[28],"tags":[],"class_list":["post-919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nNigeria's Naira to Strengthen, Says Presidency - A Promising Turn in Economic Policy - Arritone Consult<\/title>\n<meta name=\"description\" content=\"Nigeria's Naira to Strengthen Presidency pledges to fortify the Naira, signaling a promising shift in economic policy\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/arritoneconsult.com.ng\/blog\/2023\/11\/08\/nigerias-naira-to-strengthen-says-presidency-a-promising-turn-in-economic-policy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria's Naira to Strengthen, Says Presidency - 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