Nigerian Presidency Issues Warning to Forex Speculators: Naira Set to Appreciate, Dump Dollars Now

In a stern warning to forex speculators, the Nigerian Presidency has declared that the Naira is poised for appreciation in the near future. President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, urged speculators to swiftly divest their holdings of dollars to avert potential losses.

This cautionary statement follows the revelation by the Central Bank of Nigeria (CBN) that it has successfully cleared the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso. Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, confirmed the resolution of all valid FX backlog claims. The apex bank engaged Deloitte Consulting, an independent auditing firm, to meticulously scrutinize the transactions, ensuring that only legitimate claims were honored. Ali emphasized that any irregular transactions were promptly referred to the appropriate authorities for further investigation.

The CBN’s unwavering commitment to addressing the FX backlog has yielded tangible results, as evidenced by a significant surge in external reserves. As of March 7, 2024, the reserves reached $34.11 billion, marking the highest level in eight months.

In response to these developments, Onanuga took to social media platform X, asserting, “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.”