EFCC Bans Dollar Transactions, Requests Embassies to Bill in Naira

Vice-President Kashim Shettima expressed confidence in the Naira’s performance in the forex market, predicting its continued appreciation against the dollar amidst its decline. He credited President Bola Tinubu for ending fuel subsidies and unifying exchange rates, citing the previous system’s tendency to create overnight billionaires.

Speaking during a visit from the Lagos Chamber of Commerce and Industry (LCCI), Shettima highlighted Tinubu’s pivotal role in Lagos’s development, attributing the state’s progress to his leadership. He assured that the government is addressing challenges in the power sector, emphasizing its commitment to youth employment and Nigeria’s transformation.

The LCCI President, Gabriel Idahosa, presented recommendations to the Vice President, urging increased support for credit access, investment stimulation, and entrepreneurship. These measures, including concessional lending facilities and interest rate subsidies, are seen as crucial for SMEs and key sectors like agriculture, manufacturing, and power technology.

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