In a bid to reassure Nigerians, the Presidency has announced that the Naira is poised to appreciate in the near future.
Bayo Onanuga, the Special Adviser on Information and Strategy to President Bola Tinubu, took to social media to urge currency speculators to divest their holdings of dollars promptly to avoid potential losses.
In a post reacting to the Central Bank of Nigeria’s (CBN) disclosure that it had successfully cleared the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso, Onanuga expressed confidence in the Naira’s forthcoming appreciation.
He wrote: “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.”
The confirmation of the FX backlog settlement by the CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, affirmed the apex bank’s commitment to resolving outstanding foreign exchange issues. Ali further disclosed that Deloitte Consulting, an independent auditing firm, had been engaged to meticulously assess the transactions, ensuring that only legitimate claims were honored.
The CBN’s efforts to address the FX backlog have yielded positive results, reflected in a significant rise in external reserves. As of March 7, 2024, the reserves stood at $34.11 billion, marking the highest level in eight months.
The announcement from the Presidency, coupled with the CBN’s actions, signals optimism regarding the future stability and strength of the Naira, instilling confidence among Nigerians and stakeholders alike.
