Dump Your Dollars to Avoid Tears, Naira Will Appreciate Soon, Presidency Tells Forex Speculators

The presidency has advised Forex speculators to divest their holdings of dollars to prevent losses as the Naira continues to strengthen. Bayo Onanuga, the Special Adviser to the President on Information and Strategy, conveyed this message on Thursday via his official communication channel.

Onanuga emphasized that with the resolution of the FX backlog, the value of Nigeria’s local currency is expected to appreciate further, potentially leaving speculators in distress.

“With the FX backlog settled, the Naira is poised to appreciate at an accelerated pace,” remarked Onanuga. He further urged currency speculators to promptly offload their dollar reserves to avoid potential regrets.

This statement follows the disclosure by the Central Bank of Nigeria (CBN) that it has successfully cleared the $7 billion foreign exchange backlog inherited by Governor Olayemi Cardoso.

The CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims, highlighting the meticulous assessment conducted by Deloitte Consulting, an independent auditing firm, to ensure the legitimacy of claims.

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The Matrix  earlier reported that  the CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims.

Ali said the apex bank employed Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honoured.

“Any invalid transactions were referred to the relevant authorities for further investigation,” she stated.

The CBN’s resolve to address the FX backlog seems to be yielding positive results, as evidenced by a notable increase in external reserves, reaching $34.11 billion as of March 7, 2024, marking the highest level attained in eight months.