Presidential Adviser Warns Forex Speculators: Dispose of Dollars Now or Face Regret
The office of President Bola Tinubu has issued a stern warning to forex speculators, advising them to dispose of their dollars swiftly as the Naira is poised for a significant appreciation. In a statement delivered by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, via his X handle, speculators were cautioned against holding onto their dollar reserves, lest they face financial losses.
Onanuga’s statement came in response to the Central Bank of Nigeria’s recent announcement regarding the clearance of a $7 billion foreign exchange backlog that had been inherited by Governor Yemi Cardoso. The CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, confirmed the successful settlement of all valid FX backlog claims, highlighting the apex bank’s commitment to ensuring that only legitimate claims were honored.
Underlining the success of the CBN’s efforts, the nation’s external reserves have witnessed a notable increase, surging to $34.11 billion as of March 7, 2024, marking the highest level in eight months. The apex bank’s approach, which included employing Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, has been instrumental in achieving this milestone.
In a bold move, Onanuga declared, “Currency speculators should quickly dump their stock of dollars to avoid sorrows and tears,” emphasizing the urgency for speculators to act swiftly in response to the impending Naira appreciation. The CBN’s commitment to resolving the FX backlog has evidently yielded positive results, as evidenced by the significant boost in external reserves, positioning the Naira for further appreciation in the near future.
Vanguard News