The Central Bank of Nigeria ,CBN, has initiated a campaign to identify and take action against influential individuals allegedly contributing to the depreciation of the Naira against the US Dollar.
The CBN aims to crack down on currency hoarders and speculators who, through their activities, negatively impact the Naira’s value. The central bank is determined to address these issues as part of its efforts to stabilize the local currency.
In recent weeks, the Naira has shown improvement following specific measures implemented by the CBN to curb its depreciation.
This improvement can be attributed to the implementation of President Bola 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.
However, reports on Wednesday shows that the Naira depreciated again against the US Dollar.
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”, a source disclosed.
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