Vice President Kashim Shettima has applauded the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso and the National Security Adviser (NSA), Nuhu Ribadu, for their interventions in the Foreign Exchange (FX) market.
Speaking on Thursday during the 2nd chronicle roundtable in Abuja, Shettima stated that the interventions of the government officials have translated into the desired results.
Recall that on February 24, the CBN and the Office of the National Security Adviser (ONSA) moved to investigate and penalise those involved in illicit activities within the foreign exchange (FX) market.
The decision was against the backdrop of the unending depreciation of the naira and its accompanying negative impact on inflation and economic instability.
According to the vice president, Nigeria has been facing economic sabotage for a long, prompting the CBN Governor and the National Security Adviser to take action against those plotting to frustrate the country’s reforms.
Shettima stated that the move by Cardoso and Ribadu has led to the desired outcomes and Naira’s pushback against all odds is an inspiring journey.
He said. “For long, Nigeria had endured economic sabotage, leading to the resolve by Governor of the central bank, Mr. Yemi Cardoso, and the National Security Adviser, Malam Nuhu Ribadu, to take matters into their hands to neutralise the overpowering influence of currency manipulators who had conspired to frustrate our reforms.
“Today, I stand proud to say that their interventions have translated into desired results, and Naira’s pushback against all odds is an inspiring journey that doesn’t have to be learned in Buenos Aires, as some would want us to do.”
Shettima urged Nigerians to be patient with the administration of President Bola Tinubu “as he steers the ship of state through the economic turbulence and storm he met on the ground on assumption of office”.
He said the Tinubu administration is eager for a positive impact on the economy from various new initiatives in sectors such as oil and gas, creative arts, steel and solid minerals, housing, blue economy, and digital sectors.
He added: “There is no doubt that there’s a time to plant and a time to reap.
“In between those times, we appeal for patience and seek collective sacrifice from all, especially from us. We wish there were a way to treat this ailment without surgery.
“Soon, Nigeria’s economy will experience significant growth once we’ve overcome these sacrifices.
“Positive changes will soon be evident across all economic indicators – inflation, per capita income, GDP numbers, poverty reduction, food security, and all aspects close to the hearts of our people.”
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