The Presidency has issued a warning to forex speculators, stating that the Naira is expected to increase in value soon.
The Special Adviser on Information and Strategy to President Bola Tinubu, Bayo Onanuga, advised speculators to sell their dollars quickly to avoid losses.
This statement was made in response to the Central Bank of Nigeria’s announcement that it has cleared the $7 billion foreign exchange backlog left by Governor Yemi Cardoso.
In a statement released on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed that all valid FX backlog claims have been settled.
Ali mentioned that the central bank enlisted the help of Deloitte Consulting, an independent auditing firm, to carefully review the transactions and ensure that only legitimate claims were paid out.
“Any invalid transactions were referred to the relevant authorities for further investigation,” she stated.
The CBN’s efforts to address the backlog of foreign exchange seem to be working, as the external reserves have increased significantly, reaching $34.11 billion as of March 7, 2024. This is the highest level in eight months.
Replying, Onanuga posted on X, “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.”
