The Presidency has warned forex speculators that the naira will soon appreciate.
Presidential Special Adviser on Information and Strategy, Bayo Onanuga, who stated this, urged speculators to quickly dump their dollars to avoid "tears.”
Onanuga was reacting to the Central Bank of Nigeria's (CBN) disclosure that it had cleared the 7 billion-dollar foreign exchange backlog inherited by its governor, Yemi Cardoso.
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 an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honored.
READ ALSO: CBN: We Have Settled All Valid Forex Backlogs
Reacting, Onanuga posted on X that, with the backlog of forex settled, the naira is set to appreciate further, faster.
He added that currency speculators should quickly dump their stock of dollars to avoid sorrow and tears.
