The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga has issued a warning that the naira is set to appreciate, adding that speculators will lose if they don’t dispose of their stock of dollars before it happens.
Onanuga gave the warning via his account on the X platform while responding to a report that the Central Bank of Nigeria (CBN) has successfully cleared a massive backlog of foreign exchange.
He 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.”
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The CBN recently resolved the $7 billion foreign exchange (FX) backlog, which was pending when Yemi Cardoso took over as the Governor of the apex bank.
CBN announced the development on Wednesday through its Acting Director of Corporate Communications, Hakama Sidi Ali.
According to Ali, all valid claims have been settled, and only those claims found to be illegitimate were not honored.
Ali further explained that the CBN engaged the services of an independent auditing firm, Deloitte Consulting, to carefully evaluate all claims, and any invalid transactions have been referred to appropriate authorities for further checks.
