Dump your dollars to avoid tears, Presidency warns Forex speculators

Bayo Onanuga, special adviser on Information & Strategy

Dump your dollars to avoid tears, Presidency warns Forex speculators

The naira will record massive gains in a couple of days against the United States dollars and other strong currencies in the foreign exchange market, the Presidency has said.

It therefore warned forex speculators that they would soon run out business and lose heavily if they fail y push out their warehoused dollars.

President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, urged speculators to quickly dump their dollars to avoid “tears”.

He spoke against the background of the Central Bank of Nigeria’s disclosure that it had cleared the $7 billion foreign exchange backlog inherited by apex bank’s 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.

The CBN’s commitment to tackle the FX backlog came with the external reserves recording a significant rise, reaching $34.11 billion as of March 7, 2024, the highest level in eight months

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.”