The Presidency has issued a stern warning to forex speculators, urging them to offload their holdings in dollars as the Naira is poised for appreciation.
Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Tinubu, reiterated this caution in a statement released through his official channel on Thursday.
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Onanuga urged speculators to swiftly divest themselves of their dollar holdings to avoid potential losses. 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,” he emphasized.
This advisory comes in the wake of the Central Bank of Nigeria’s announcement that it has successfully resolved the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso.
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In a statement on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims. Ali revealed that the apex bank engaged Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honored.
“Any invalid transactions were referred to the relevant authorities for further investigation,” she stated.
The CBN’s concerted efforts to address the FX backlog are yielding positive results, with the external reserves witnessing a significant increase. As of March 7, 2024, the reserves stand at $34.11 billion, marking the highest level in eight months.
The Presidency’s warning to forex speculators underscores the government’s commitment to stabilizing the currency and fostering economic growth.
