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The Presidency has warned forex speculators that the naira will soon appreciate.
President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga urged speculators to quickly dump their dollars to avoid “tears”.
Onanuga was reacting to the Central Bank of Nigeria, CBN, disclosure that it had cleared the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso.
In a statement on Wednesday, 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.
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