Bayo Onanuga, President Bola Tinubu’s Special Adviser on Information and Strategy, has urged forex speculators to promptly exchange their dollars in anticipation of the Naira’s imminent appreciation. The warning comes in response to the Central Bank of Nigeria’s (CBN) announcement that it has successfully cleared the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso.

In a statement released on Wednesday, Mrs Hakama Sidi Ali, the CBN’s Acting Director of Corporate Communications, confirmed that all valid FX backlog claims have been settled. The apex bank engaged Deloitte Consulting, an independent auditing firm, to meticulously review the transactions, ensuring that only legitimate claims were honored. Any suspicious transactions were referred to the relevant authorities for further investigation.

The CBN’s commitment to addressing the FX backlog is yielding positive results, as external reserves have experienced a significant increase, reaching $34.11 billion as of March 7, 2024, marking the highest level in eight months.

In response to these developments, Onanuga posted on X, “Now that the FX backlog is settled, the Naira is poised for further and faster appreciation. Currency speculators should swiftly convert their holdings of dollars to avoid future disappointments and regrets.”