Dump Your Dollars, Naira Will Appreciate Soon, Presidency Tells Forex Speculators
The presidency is optimistic about better days for the naira and is asking currency speculators to dump their cache of dollars.
Nigeria’s naira currency has recently slid downwards against major currencies like the dollar, going for $1 to N1,500 in the parallel market.
But the Central Bank of Nigeria (CBN) recently cleared the country’s FX backlog inherited from the previous administration, a move presidential aide Bayo Onanuga said will lead to the appreciation of the naira.
“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,” the Special Adviser to President Bola Tinubu on Media and Strategy wrote on his X handle late Wednesday.
Onanuga’s comment is one of the latest comments after the CBN said it cleared $7 billion in foreign exchange backlog.
According to the CBN’s Acting Director of Corporate Communications Hakama Sidi Ali, the apex bank employed an independent auditing firm Deloitte Consulting to assess the transactions to ensure only legal claims were honoured.
“Any invalid transactions were referred to the relevant authorities for further investigation,” she said.
