Naira Will Continue To Appreciate Against Dollar, Shettima assures

Vice-President Kashim Shettima has expressed optimism about the performance of the Naira at the forex market, saying it will continue to appreciate as the dollar continues to crash. The Vice President said President Bola Tinubu had to end the fuel subsidy and ensure the unification of the multiple exchange rate because “the former arrangement was […]

Vice-President Kashim Shettima has expressed optimism about the performance of the Naira at the forex market, saying it will continue to appreciate as the dollar continues to crash.

The Vice President said President Bola Tinubu had to end the fuel subsidy and ensure the unification of the multiple exchange rate because “the former arrangement was producing billionaires overnight.”

Shettima disclosed this when a delegation of the Lagos Chamber of Commerce and Industry (LCCI) led by its President, Gabriel Idahosa, paid him a courtesy visit in his office at the President Villa, Abuja.

He said the Dollar will further crash against the Naira, “Naira went haywire and some people were celebrating but inwardly we were laughing at them because we knew that we have the leadership to reverse the trend. Asiwaju knows the game, and truly the naira is gaining and the difference will drop further”.

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Senator Shettima recalled that the quality of leadership provided by President Tinubu as governor of Lagos laid the foundation for the massive development witnessed in the state, adding that “we will always thank President Tinubu for providing the blueprint for the development of Lagos that we are seeing today”.

The VP further assured that the Tinubu administration is doing its best to address challenges in the power sector because it is aware that power is absolutely essential.

“We are determined to ensure that we generate jobs for our youths. Honestly, the President’s obsession is to live in a place of glory, to transform this country to a higher pedestal. He wants to leave a legacy, one of qualitative leadership because the hope of the black man, the hope of Africa rests with Nigeria.

“I want to assure you that President Bola Ahmed Tinubu is one of you. He understands your ecosystem. In this government, you have an ally and a friend,” Shettima said.

Earlier, the LCCI President, Idahosa, presented some of the organisation’s recommendations to the Vice president urging the Tinubu administration to ensure a significant upswing in the pace and scale of alternative policy measures that promote credit access, stimulate investment, and support entrepreneurship.

“This could include targeted interventions such as concessional lending facilities, loan guarantees, and interest rate subsidies tailored to the needs of SMEs and key sectors of the economy like agriculture, manufacturing, and power technology.”