The Special Adviser to President Bola Tinubu on Information and Strategy warned that the naira is set to appreciate and speculators will lose if they don’t dump their stock of dollars before it happens.

Presidential aide, Bayo Onanuga, has asked Nigerians hoarding dollar notes to immediately dump their stock to avoid sorrow.

The Special Adviser to President Bola Tinubu on Information and Strategy warned that the naira is set to appreciate and speculators will lose if they don’t dump their stock of dollars before it happens.

Onanuga made the submission via his account on the X platform while reacting to a report that the Central Bank of Nigeria (CBN) has cleared a massive backlog of foreign exchange.

As earlier reported, the CBN has cleared the $7 billion foreign exchange (FX) backlog which was pending when Yemi Cardoso took over as the Governor of the apex bank.

This development was announced in a statement on Wednesday by the CBN Acting Director of Corporate Communications, Hakama Sidi Ali.

According to her, all valid claims have been settled and only those claims found to be illegitimate were not honoured.

Ali explained that the CBN employed the services of an independent auditing firm, Deloitte Consulting, to meticulously evaluate all claims and any invalid transactions have been referred to appropriate authorities for further checks.

Reacting to the news, Onanuga wrote: “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.”