Discard your dollars to avoid tears, Naira will bounce back fast – Presidency

To avoid sorrow and tears, the Presidency has advised Nigerians to dispose of their dollars, predicting that the naira is bouncing back at a faster rate.

Mr. Bayo Onanuga, the Special Adviser on Information and Strategy to President Bola Tinubu, made this known in a post via his official X handle on Thursday.

He wrote: “With backlog FX settled, Naira is set to appreciate further and faster. Currency speculators should quickly dump their stock of dollars to avoid sorrows and tears.”

The Special Adviser’s post was a prompt response to the Central Bank of Nigeria’s announcement late on Wednesday that it had cleared the $7 billion FX backlog Governor Yemi Cardoso had inherited.

This significant achievement was shared by Mrs. Hakama Sidi Ali, the bank’s Acting Director of Corporate Communications, highlighting a fulfilled promise by Cardoso to tackle an inherited $7 billion in claims.

On Wednesday in Abuja, Mrs. Ali revealed the CBN’s finalisation of payments amounting to $1.5 billion, thereby addressing the last portions of the FX backlog.

This step not only reflects the bank’s dedication to stabilising the national economy but also underscores the thorough verification process employed.