BREAKING: CBN Moves Against Dollar Speculators, Hoarders As Naira Depreciates

• The 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.

The Nigerian Central Bank, CBN, has promised to crack down on hoarders of money and speculators whose actions influence the naira’s value relative to the US dollar.

Speculators and hoarders, according to a person familiar with the CBN’s decision, are undermining the government’s attempts to stabilise the local currency.

Recall that the naira had a large increase in value during the last two weeks as a result of actions taken by the CBN to halt its depreciation.

The improvement has something to do with President Tinubu fulfilling his pledge to pay off the approximately $7 billion in outstanding foreign exchange.

Most Nigerians are, however, pleased about the appreciation and strengthening of the naira, as many commended the Federal Government.

However, from Wednesday, the local currency began to depreciate again. In the last two days, the rally has slowed down, and the value of the currency against the US dollar began to decline following alleged moves by speculators and hoarders to fight back.

Speaking, the source who spoke to Daily Post on condition of anonymity alleged 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,” the source stated.

“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,” he added.