• Tuesday, April 16, 2024
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BusinessDay

Dump your dollars to avoid sorrows and tears, naira set for rebound – Presidency 

Naira jumps to 4-month high of 1,142.38/$ at official market as dollar supply doubles

The presidency has urged Forex speculators to dump their dollars to avoid losses as Naira continues to regain its value.

Bayo Onanuga, special adviser to the President on Information and Strategy made this known on Thursday through his official X handle.

He noted that with the FX backlog settled, Nigeria’s local currency is bound to appreciate further, adding that speculators may be thrown into “tears”.

“With backlog FX settled, naira is set to appreciate further, faster,” Onanuga said.

“Currency speculators should quickly dump their stock of dollars to avoid sorrows and tears,” he added.

The presidential aide was reacting to the Central Bank of Nigeria, CBN, disclosure that it had cleared the $7 billion foreign exchange backlog inherited by Governor Olayemi Cardoso.

In an earlier report by BusinessDay, the CBN’s Acting Director of Corporate Communications, 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 bearing fruits, with the external reserves seeing a significant rise, hitting $34.11 billion as of March 7, 2024, the highest level in eight months.

As the CBN’S Monetary Policy Committee is set to meet Monday, investors as well as other key stakeholders are eagerly looking forward to its outcome as the decisions made pose a great influence on the banking sector and investors’ confidence on the economy.