Home BUSINESS BANKING & FINANCE Presidency Advises Forex Speculators to Dump Dollars

Presidency Advises Forex Speculators to Dump Dollars

Amidst recent fluctuations in the exchange rate of the Nigerian naira against major currencies like the dollar, the presidency has expressed optimism about the naira’s forthcoming appreciation.

Special Adviser to President Bola Tinubu on Media and Strategy,  Bayo Onanug,  has admonished currency speculators to divest their holdings of dollars to avoid potential losses.

The Central Bank of Nigeria (CBN) recently announced the clearance of the country’s foreign exchange backlog, amounting to $7 billion, with the assistance of an independent auditing firm.

This move is expected to bolster the naira and stabilize the forex market. Nigerian authorities have intensified efforts to strengthen the naira, including clamping down on forex speculators and Bureau de Change operators.

The CBN has implemented reforms, consolidating forex transactions into the Investors and Exporters window, thereby streamlining the forex market. President Tinubu’s administration has pledged comprehensive economic reforms to revitalize Nigeria’s economy, with forex stability being a key focus area.

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