In a bid to assuage concerns over Nigeria's economic stability, President Bola Tinubu's special adviser on information and strategy, Bayo Onanuga, issued a resolute message to the public, urging swift action in response to promising developments in the currency market. Onanuga's assertion, made via social media, follows recent disclosures by the Central Bank of Nigeria (CBN) regarding the clearance of a significant foreign exchange backlog, inherited by Governor Yemi Cardoso.
According to reports, the CBN has successfully resolved the $7 billion FX backlog, a move hailed as instrumental in restoring confidence in the Nigerian currency. Reacting to this development, Onanuga emphasized the imminent appreciation of the Naira, advising currency speculators to divest their holdings in dollars promptly to avert potential losses.
"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," Onanuga wrote, underlining the urgency of the situation.
The Nation reported the confirmation by Mrs. Hakama Sidi Ali, the CBN's Acting Director of Corporate Communications, regarding the resolution of all valid FX backlog claims. Ali disclosed that the CBN engaged Deloitte Consulting, an independent auditing firm, to meticulously evaluate the transactions, ensuring the legitimacy of claims honored.
Ali further elucidated that any invalid transactions were promptly referred to the relevant authorities for thorough investigation, signaling the CBN's unwavering commitment to maintaining transparency and integrity in its operations.
The tangible impact of the CBN's efforts to address the FX backlog is becoming increasingly evident, with the nation's external reserves witnessing a significant surge. As of March 7, 2024, external reserves soared to $34.11 billion, marking the highest level recorded in eight months. This notable upturn in reserves underscores the effectiveness of the CBN's measures in stabilizing the currency and bolstering investor confidence.
In light of these developments, stakeholders across various sectors are closely monitoring the evolving economic landscape, anticipating the potential implications of the impending Naira appreciation. While the outlook appears promising, experts emphasize the need for prudent financial management and strategic decision-making to capitalize on emerging opportunities in the Nigerian market.
