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JUST IN: CBN Makes Fresh Move Against ‘Speculators’ Causing Naira Slope Against Dollar

Published

1 year ago

Nov 9, 2023.

Eko Hot Blog reports The Central Bank of Nigeria (CBN) has reportedly launched a campaign to hunt down some influential Nigerians allegedly responsible for the depreciation of the Naira against the Dollar.

An insider who reportedly spoke with the Daily Post on Thursday (today) disclosed that the apex bank has vowed to clamp down on some citizens hoarding the local currency and speculators whose activities affect the appreciation of the Naira against the US dollar.

According to him, speculators and hoarders are undermining the government’s efforts to stabilize the local currency.

It would be recalled that Naira experienced a significant boost in the past two weeks, following the CBN’s specific measures to halt its depreciation.

CBN Governor Michael Cardoso

This improvement can be attributed to the implementation of President Tinubu’s commitment to resolve the outstanding $7 billion foreign exchange issue.

The appreciation and strengthening of the Naira have been well-received by many Nigerians, who have praised the Federal Government for its actions.

Over the past two days, the rally has slowed down, and the value of the Naira against the Dollar has begun to decline, allegedly due to the actions of speculators and hoarders.

Speaking to journalists on the latest development, the source who begged not to be mentioned in print asserted that some “politically exposed persons who benefited from the FX round tripping under the last administration are currently fighting the system.

“The federal government did an excellent job with the Naira given its recent appreciation. Speculators and hoarders who are powerful Nigerians are pushing back and sabotaging government efforts. The government will go after them and deal with them decisively.”

“Based on the intelligence at my disposal, the CBN has concluded that the depreciation is due to a pushback by speculators and current traders.

“Now, the CBN is focused on launching a campaign against speculators and hoarders. Else, the gains against the Naira will be eroded if nothing drastic is done.

Powerful Nigerians who benefitted from round-tripping in the last administration are still involved in speculation. They are used to easy money and the government is ready to move against them decisively.”

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