Naira will appreciate, dump your dollars to avoid tears – Onanuga


The Presidency Assures Nigerians of Naira Appreciation Soon

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Bayo Onanuga, the Special Adviser on Information and Strategy to President Bola Tinubu, has reassured Nigerians that the Naira will soon appreciate. He urged currency speculators to quickly sell off their dollars to avoid potential losses.

Onanuga made this statement in response to the Central Bank of Nigeria’s (CBN) announcement that it had successfully cleared the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso. He expressed confidence that with the backlog settled, the Naira is poised for further appreciation.

In a social media post, Onanuga 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.”

According to reports, the CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, confirmed the clearance of all valid FX backlog claims. The apex bank engaged Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honored. Any invalid transactions were referred to the relevant authorities for further investigation.

The CBN’s efforts to address the FX backlog seem to be yielding positive results, as evidenced by a significant rise in external reserves, which reached $34.11 billion as of March 7, 2024, marking the highest level in eight months.

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