Naira to Continue Appreciating Against Dollar, Says Vice-President Shettima

Vice-President Kashim Shettima has expressed optimism about the performance of the Naira against the Dollar in the forex market, stating that the Nigerian currency will continue to appreciate as the Dollar continues to weaken.

During a meeting with the Lagos Chamber of Commerce and Industry (LCCI) delegation led by its President, Gabriel Idahosa, at the President Villa in Abuja, Shettima highlighted the recent measures taken by President Bola Tinubu, including ending the fuel subsidy and unifying the multiple exchange rates.

The Vice President attributed these actions to the previous arrangement that “was producing billionaires overnight.”

Shettima emphasized that President Tinubu’s leadership and understanding of the economic landscape would lead to further strengthening of the Naira against the Dollar.

He reassured the LCCI delegation that the government is working to address challenges in the power sector, as it recognizes the critical importance of electricity for the nation’s development.

The Vice President also assured the delegation that the Tinubu administration is committed to generating jobs for Nigerian youths and leaving a legacy of qualitative leadership.

He emphasized that President Tinubu understands the business ecosystem and is an ally and friend of the business community.

During the meeting, the LCCI President presented some recommendations to the Vice President, urging the Tinubu administration to focus on promoting credit access, stimulating investment, and supporting entrepreneurship through targeted interventions such as concessional lending facilities, loan guarantees, and interest rate subsidies tailored to the needs of SMEs and key sectors like agriculture, manufacturing, and power technology.

As the Tinubu administration continues to implement its economic policies, the business community and the nation at large eagerly await the positive impact on the Nigerian economy and the strengthening of the Naira against the Dollar.