The Central Bank of Nigeria (CBN) is determined to crack down on currency hoarders and speculators whose actions have been affecting the appreciation of the naira against the US dollar. According to a source familiar with the CBN’s decision, these speculators and hoarders are undermining the government’s efforts to stabilize the local currency.
Recent efforts by the CBN to halt the depreciation of the naira resulted in a significant boost in the currency’s value over the last two weeks. This improvement was attributed, in part, to the implementation of President Tinubu’s promise to clear an estimated $7 billion in outstanding foreign exchange.
While many Nigerians welcomed the currency’s appreciation, it began to depreciate again starting Wednesday, with speculators and hoarders allegedly making moves to counteract the gains. The source, speaking on condition of anonymity, suggested that politically exposed individuals who had benefited from foreign exchange round-tripping during the last administration were involved in sabotaging the system.
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The CBN is now set to launch a campaign against these speculators and hoarders, as the government aims to protect the recent gains made by the naira against the US dollar. The source emphasized that the government is ready to take decisive action against powerful individuals who continue to engage in speculation and undermine the currency’s stability.
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