The President has advised currency traders to sell their dollars because the Naira will shortly appreciate.

Bayo Onanuga, President Bola Tinubu’s Special Advisor on Information and Strategy, requested this in a message on his X handle on Thursday, March 21, 2024. He stated,  “With backlog FX settled, Naira is set to appreciate further and faster.”  

To save themselves from “tears,” the Presidential Adviser told speculators to dump their dollars promptly. 

Onanuga responded to the Central Bank of Nigeria (CBN) announcement that it had paid off the $7 billion foreign exchange debt that Governor Yemi Cardoso had inherited.

All legitimate FX backlog claims have been settled, according to a statement released on Wednesday, 20 March 2024, by Mrs. Hakama Sidi Ali, the CBN’s Acting Director of Corporate Communications.

According to Ali, Apex Bank hired the independent auditing company Deloitte Consulting to carefully review the transactions and ensure that only valid claims were honored.

“Transactions deemed invalid were reported to the appropriate authorities for additional examination,” she said.

As of March 7, 2024, the CBN’s external reserves had increased significantly to $34.11 billion, the most significant level in eight months, suggesting that their commitment to clearing the FX backlog is paying off.

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