FX backlog settlement: The President Cautions Currency Speculators That Naira Appreciate Quickly

There will soon be an increase in value of the naira, the Presidency has warned currency speculators. President Bola Tinubu's Special Advisor on Information and Strategy, Bayo Onanuga, advised speculators to immediately sell their dollar holdings in order to avoid possible losses.

This advice follows the Central Bank of Nigeria's (CBN) declaration that it had effectively paid off a sizeable $7 billion foreign exchange backlog that Governor Yemi Cardoso inherited.

All legitimate FX backlog claims have been settled, according to Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN.

The Australian Bureau of Statistics reports that in the fiscal year that concluded on September 30, 2023, net immigration climbed by 60% to a record high of 548,800. As a result, the population grew at the quickest rate ever—2.5%.

Onanuga replied on his X platform, saying “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.”