PRESIDENCY: Speculators Will Soon Cry If They Refuse To Dump Their Dollars Now, Naira Will Appreciate Soon*

Bayo Onanuga, the Special Adviser to President Bola Ahmed Tinubu on Information and Strategy has warned those that hoard dollars that the naira will soon appreciate and speculators will lose if they refused to dump their stock of dollars before it happens.

Onanuga has asked Nigerians stockpiled dollar notes to immediately dump their stock to guide against sorrow.

The information have it that Onanuga made this submission through his Twitter (X) account while responding to a report that the Central Bank of Nigeria (CBN) has cleared a massive backlog of foreign exchange.

The earlier report revealed that, the CBN has cleared the $7 billion foreign exchange (FX) backlog which was pending when Yemi Cardoso took over as the Governor of the apex bank.

It was reliably gathered that this development was announced by the CBN Acting Director of Corporate Communications, Hakama Sidi Ali, in a statement on Wednesday.

Hakama said: “all valid claims have been settled and only those claims found to be illegitimate were not honoured”.

Hakama asserted that the CBN employed the services of an independent auditing firm, Deloitte Consulting, to painstakingly evaluate all claims and any invalid transactions have been referred to appropriate authorities for further checks.

While responding to the development, Onanuga says: “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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