Presidential Advisory Urges Divestment From Dollar Holdings to Mitigate Risk; Foresees Naira Appreciation


The Presidency has issued a warning to forex speculators, indicating that the Naira is poised for appreciation. Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Tinubu, advised speculators to swiftly divest their dollars to avoid potential losses. This statement follows the disclosure by the Central Bank of Nigeria (CBN) that it has successfully resolved the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso.

According to Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at CBN, all valid FX backlog claims have been settled, with Deloitte Consulting overseeing the assessment process to ensure the legitimacy of claims honoured.

She said;

“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 evidence by a notable increase in external reserves, which have climbed to $34.11 billion as of March 7, 2024, marking the highest level in eight months.

“With backlog FX settled, Naira is set to appreciate further, faster. Currency speculators should quickly dump their stock of dollars to avoid sorrow and tears”, Onanuga wrote on her X.

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