A man exchanges Nigeria’s currency Naira for US dollars in Lagos, Nigeria The presidency is optimistic about better days for the naira and is asking currency speculators to dump their cache of dollars.Nigeria’s naira currency has recently slid downwards against major currencies like the dollar, going for $1 to N1,500 in the parallel market.
“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,” the Special Adviser to President Bola Tinubu on Media and Strategy wrote on his X handle late Wednesday.Onanuga’s comment is one of the latest comments after the CBN said it cleared $7 billion in foreign exchange backlog.
“Any invalid transactions were referred to the relevant authorities for further investigation,” she said. The naira will also be traded at a “willing buyer, willing seller” market rate instead of regulated rates against the US dollar and other currencies, the statement said.
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