Presidency: Tinubu’s Economic Policies Will Shock FX Speculators, Dollar Hoarders

•CBN targeting 95% access to financial services for Nigerians, says Cardoso

•Pledges to work towards increased diaspora remittance inflow

Michael Olugbode and Adedayo Akinwale in Abuja

The Presidency yesterday, said the economic policies of the President Bola Tinubu’s administration and the Central Bank of Nigeria (CBN) would soon shock speculators and those hoarding the United States dollars.

Vice President Kashim Shettima disclosed this in Abuja, at the lecture and launch of a book titled, “Cowries to Cashless,” that was authored by Princess Iphie.

Also, the CBN Governor, Dr. Yemi Cardoso, revealed that over 64 per cent of Nigerians have access to formal financial services, adding that the vision was to increase it to 95 percent.

The launch of the book coincided with the 65th anniversary of the CBN.

Shettima, who was represented by the Special Adviser to the President on Economy Affairs, Dr. Tope Fasua, said naysayers should be afraid now because the President thinks far ahead of those hoarding dollars as well as foreign exchange (FX) speculators.

He stated: “For those who are speculating and praying and wishing that the currency would become nonsense, I believe that the policies being rolled out by the central bank and the government that I serve, led by President Bola Ahmed Tinubu will shock some of them very soon.”

Asked to explain what he meant further, Fasua said: “You need to listen to the agenda, the man himself. And you 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 reverse in 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.

“People thought naira will continue to lose value and that was what I was mentioning. So when someone is a visionary, and that’s what leadership is about. Leadership is about vision, and the man has the right vision for this country, and to back it up the passion, the passion for the country, the belief in the country. For anyone that has that, you have to be fearful betting against his policies.”

Speaking further, Fasua said: “Like I said, you know, a weak currency is not something to brag about. And you have to be strategic. 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, the Minister of Finance, coordinating Minister of the Economy. We have patriots running the economy right now. And naysayers have to be very, very afraid.”

On his part, Cardoso, who was represented by the Director of Banking Supervision, Mr. Mustapha Haruna, noted that the country was going through economic challenges occasioned by a number of macroeconomic issues. He said this could link to some of the lingering impact of the COVID-19 pandemic and the ongoing Russia-Ukraine war.

He expressed belief that the book captured the evolutionary journey into the history of the CBN, adding that he expected a number of landmark developments — especially from the use of cowries to manillas and to the more contemporary and modern era of cashless options.

The CBN Governor highlighted the journey of the apex bank particularly with regards to the phenomenal transformation of the Nigerian payment system in the last two or three decades.

This transformation, Cardoso noted, had been deepened by the implementation of the cashless policy.

His words: “One of our strategic priorities in this effort is to foster financial inclusion and I’m very sure you will also relate to the progress we have made based on the current numbers.

“We have financial inclusion in the neighborhood of about 64 percent. Over 64 percent of Nigerians have access to formal financial services. Our vision is to push the boundaries to over 95 percent and we are well on course, in achieving that objective.”

Cardoso, assured that the CBN would continue to collaborate with key stakeholders, particularly the fiscal authorities to address a number of the essential issues and challenges facing the country.

Speaking on the essence of the book, the author and the Executive Director of Asher Global Treasures, Iphie, emphasised the need to preserve the evolution of money and its history in Nigeria.

She said: “If you don’t know what yesterday was and you don’t know what is today, definitely you will not know what tomorrow will be.

“So we started from Cowries to Manillas and then other ones before we started with exchange of goods and then this is where we are right now — the technological age and loads of innovation.”

Meanwhile, Cardoso has pledged to look into the high charges on remittances inflow to Nigeria.

The CBN Governor gave the assurance during a strategic meeting, led by the Chairman/CEO and Management of Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, at the CBN headquarters in Abuja.

Cardoso, expressed concerns over the staccato status of remittances and assured that investigations would be carried out and necessary actions taken to ensure Nigeria remains the highest receiver of remittances in Sub-Saharan Africa after Egypt.

The World Bank statistics, in 2022 showed that diaspora remittances to Nigeria stood at over $22 billion.

The CBN Governor commended NiDCOM’s progress and initiatives in the past four years and called for deepened synergy between the two organisations. He promised that, “any bottleneck to remittances will be taken out.”

Earlier, Dabiri-Erewa, lamented the high tax rate on remittances, noting that Nigeria has the highest rate.

She said: “I believe Diaspora remittances can be improved if the challenges can be looked into and addressed.”