Bayo Onanuga

Trash Your Dollars Quickly To Avoid Tears — Presidency Warns FX Speculators

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The Presidency has warned Foreign Exchange (FX) speculators that the Naira will soon appreciate.

Bayo Onanuga, President Bola Ahmed Tinubu’s Special Adviser on Information and Strategy who disclosed this, urged speculators to quickly dump their dollars to avoid “sorrow.”

This is as the Central Bank of Nigeria, CBN, revealed on Wednesday that it had cleared the $7 billion FX backlog inherited by Governor Yemi Cardoso.

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

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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 commitment to tackling the FX backlog appears to be paying off, with the external reserves seeing a significant rise, reaching $34.11 billion as of March 7, 2024, the highest level in eight months

Reacting, Onanuga posted on X, “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.”


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