FX backlog settlement: Naira will appreciate faster, Presidency warns Currency speculators

The Presidency has issued a stern warning to currency speculators, indicating an imminent appreciation of the naira. Bayo Onanuga, the Special Adviser on Information and Strategy to President Bola Tinubu, urged speculators to promptly divest their holdings of dollars to avert potential losses.

This advisory comes in the wake of the Central Bank of Nigeria (CBN) announcement that it has successfully cleared a substantial $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso.

The CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims.

Ali further disclosed that the CBN engaged Deloitte Consulting, an independent auditing firm, to meticulously review the transactions, ensuring the honouring of only legitimate claims.

Any suspicious transactions were promptly referred to the relevant authorities for further scrutiny.

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

In response, Onanuga took to his X platform, formerly Twitter, stating, “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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