Naira projected at N600 per dollar soon

By Peters Monday, Abuja

The special adviser to the President, Dr Tope Fasua has projected that the naira may appreciate further to the exchange rate at N600/$1 in the foreign exchange market.

This was asserted by Fasua, representing the Vice President, Kashim Shettima at the “Cowries to Cash” lecture and lunch in Abuja on Tuesday.

He advised Nigerians not to hoard foreign currencies, hoping that the local currency would continue to fall, warning that the government’s policies would shock them.

Fasua explained that there would be some tectonic reorganisation of the banking sector to make the naira more stable and stronger.

His words, “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.”

It was gathered that naira was sold at N1020/$1 on the Binance P2P market on Tuesday.

Likewise, at the parallel market, the country’s currency is sold between N1030 and 1100/$1, while at the official FMDQ market, the rate closed at N809.2/$1 on Tuesday from N780.09 the previous day.