The Presidency has advised currency speculators to quickly dump their stock of dollars to avoid sorrows and tears.

President Bola Tinubu’s special adviser on information & strategy, Bayo Onanuga gave the advice on Thursday, noting that with a backlog of FX settled, naira was set to appreciate further and faster.

The Central Bank of Nigeria (CBN) on Thursday confirmed that it had cleared the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso.

A statement issued on Wednesday, by the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, said the payment was in fulfilment of the pledge made by Cardoso on his appointment.

Ali noted that the payment signifies a significant step towards restoring confidence in the economy.

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

The CBN’s commitment to tackling the FX backlog appears to be paying off.

Reports say external reserves have seen a significant rise, reaching $34.11 billion as of March 7, 2024, the highest level in eight months.

This month-on-month increase is attributed to a notable rise in remittance payments from Nigerians abroad and increased foreign investment in local assets, including government debt securities.

The CBN’s actions are part of a broader strategy outlined during the last Monetary Policy Committee (MPC) meeting.