Disclosure News

Factual Reportage

The Presidency has predicted that the Nigerian dollar will soon appreciate to leave foreign exchange speculators regret keeping their dollars and other foreign currencies

Special Adviser to the president on Information and Strategy, Bayo Onanuga, who gave the assurance in a statement on his X therefore urged speculators to quickly dump their dollars to avoid “tears”.

Onanuga who was reacting to the Central Bank of Nigeria, CBN, disclosure that it had cleared the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso, said the Nigerian currently will soon pick up to reshape the country’s economy

Reacting, Onanuga posted on X, “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.”

In a statement on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims.

Ali said the apex bank employed Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honoured.

“Any invalid transactions were referred to the relevant authorities for further investigation,” she stated.

The CBN’s commitment to tackling the FX backlog appears to be paying off, with the external reserves seeing a significant rise, reaching $34.11 billion as of March 7, 2024, the highest level in eight months

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