“Dump Your Dollars”: Presidency Issues Warning to Currency Speculators
- President Bola Tinubu's Information and Strategy Special Adviser, Bayo Onanuga, cautioned speculators to swiftly sell off their dollars to prevent potential losses
- The advice came in response to the Central Bank of Nigeria's announcement that it has resolved the $7 billion foreign exchange backlog from Governor Yemi Cardoso's tenure
- On Wednesday, the CBN's acting director of Corporate Communications, Hakama Sidi Ali, affirmed that all legitimate FX backlog claims have been settled
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Legit.ng journalist Segun Adeyemi has over 9 years of experience covering political events, civil societies, courts, and metro
FCT, Abuja - The presidential office has cautioned currency traders speculating on foreign exchange to sell their dollar holdings, stating that the Naira is expected to increase in value soon.
Bayo Onanuga, President Bola Tinubu's special adviser on Information and Strategy, conveyed this message in a statement released on Thursday.
Source: Twitter
Presidential aide predicts naira's appreciation against dollar
He advised speculators to sell off their dollars to prevent potential losses swiftly.
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Onanuga said:
“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.”
Onanuga responded to the announcement from the Central Bank of Nigeria (CBN) regarding the clearance of the $7 billion foreign exchange backlog left by Governor Yemi Cardoso.
CBN confirms settling FX backlogs
In a statement released on Wednesday, Mrs. Hakama Sidi Ali, acting director of Corporate Communications at CBN, affirmed that all legitimate FX backlog claims had been settled.
Ali mentioned that the CBN engaged Deloitte Consulting, an independent auditing firm, to thoroughly review the transactions and ensure that only valid claims were addressed.
As quoted by Vanguard, she said:
“Any invalid transactions were referred to the relevant authorities for further investigation.”
The Central Bank of Nigeria's efforts to address the foreign exchange backlog seem to yield results, as evidenced by a notable increase in external reserves.
As of March 7, 2024, the reserves have surged to $34.11 billion, marking the highest level in eight months.
CBN clears forex debt, dealers react with new exchange rate
Meanwhile, the Central Bank of Nigeria (CBN) announced that it has resolved all outstanding forex forward contracts.
Additionally, it highlighted a notable rise in Nigeria's external reserves, which support the naira.
This update prompted forex traders to revise their predictions for the naira-to-dollar exchange rate.
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