The Presidency has issued a stern warning to forex speculators, forecasting a forthcoming appreciation of the Naira. Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Tinubu, advised speculators to swiftly divest their holdings of dollars to avert potential losses.
The cautionary 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 Yemi Cardoso.
CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, affirmed the settlement of all valid FX backlog claims. She disclosed that Deloitte Consulting, an independent auditing firm, was engaged to meticulously assess the transactions, ensuring the legitimacy of claims before they were honored. Any suspicious transactions were promptly referred to the relevant authorities for further investigation.
The CBN’s resolute commitment to addressing the FX backlog has yielded positive results, reflected in a significant rise in external reserves. As of March 7, 2024, the reserves soared to $34.11 billion, marking the highest level attained in eight months.
In response to these developments, Onanuga emphasized the imminent appreciation of the Naira, urging currency speculators to offload their stock of dollars promptly to avoid potential losses.
The proactive measures taken by the CBN and the positive trajectory of the external reserves underscore Nigeria’s determination to stabilize the forex market and bolster confidence in the economy.
