The presidency has warned forex speculators that the naira would shortly appreciate.
Bayo Onanuga, President Bola Tinubu’s Special Adviser on Information and Strategy, advised speculators to unload their dollars as soon as possible to prevent “tears”.
Onanuga was reacting to the Central Bank of Nigeria’s (CBN) announcement that it has cleared the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso.
Mrs Hakama Sidi Ali, CBN’s Acting Director of Corporate Communications, stated in a statement on Wednesday that all genuine FX backlog claims had been settled.
Ali stated that the apex bank hired Deloitte Consulting, an independent auditing company, to thoroughly review the transactions, ensuring that only legal rights were honored.
“Any invalid transactions were referred to the relevant authorities for further investigation,” she stated.
The CBN’s dedication to addressing the FX backlog looks to be paying off, with the foreign reserves experiencing a notable boost, hitting $34.11 billion on March 7, 2024, the highest level in eight months.
Onanuga responded on X, saying, “With backlog FX settled, Naira is set to appreciate further, faster. Currency speculators should quickly dump their stock of dollars to avoid sorrows and tears.”
