President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, has disclosed that the Naira will appreciate soon, warning forex speculators to quickly dump their dollars to avoid sorrows and tears.

Onanuga stated this on his X handle, while reacting to the disclosure of the Central Bank of Nigeria (CBN) that it had cleared the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso.

“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,” he wrote.

Recall that in a statement on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims.

Ali said the apex bank employed Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honoured.

“Any invalid transactions were referred to the relevant authorities for further investigation,” she stated.