The Presidency has issued a stern warning to forex speculators, indicating that the Naira is poised for appreciation in the near future.
Bayo Onanuga, the Special Adviser on Information and Strategy to President Bola Tinubu, urged speculators to swiftly divest their dollar holdings to avert potential losses.
This cautionary stance comes in response to the recent announcement by the Central Bank of Nigeria (CBN) regarding the clearance of a $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso.
In a statement released on Wednesday, the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed the resolution of all valid FX backlog claims. Ali highlighted that the apex bank engaged Deloitte Consulting, an independent auditing firm, to meticulously scrutinize the transactions, ensuring that only legitimate claims were honored. Any dubious transactions were promptly referred to relevant authorities for further investigation.
The CBN’s unwavering commitment to addressing the FX backlog is yielding positive outcomes, with the external reserves witnessing a significant surge. As of March 7, 2024, the reserves stood at $34.11 billion, marking the highest level in eight months.
In response to these developments, Onanuga took to X, emphasizing, “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.”
