Looking for the best HOST for your website? Hostinger is the BEST. Try It NOW!
Share on:
Bayo Onanuga, a presidential adviser, has urged Nigerians who are keeping dollars in their possession to sell them as soon as possible to avert financial ruin.
The Special Adviser to President Bola Tinubu on Information and Strategy has warned that the naira is about to rise, and speculators would lose money if they don’t sell their dollar holdings before then.
Onanuga made the remark using his X platform account in response to news that the Central Bank of Nigeria (CBN) had cleared a significant backlog of foreign exchange.
As previously reported, the CBN has cleared the $7 billion foreign exchange (FX) backlog that existed when Yemi Cardoso took over as Governor of the central bank.
Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, revealed this development in a statement on Wednesday.
According to her, all genuine claims have been handled and only those claims proven to be bogus were not paid.
Ali added that the CBN hired an independent auditing company, Deloitte Consulting, to thoroughly review all claims, and any incorrect transactions were sent to competent authorities for further investigation.
In response to the news, Onanuga wrote:
“With backlog FX settled, Naira is set to appreciate further, faster. Currency speculators should quickly dump their stock of dollars to avoid sorrows and tears.”
Bayo Onanuga, President Bola Tinubu’s Special Adviser on Information and Strategy, has highlighted why the government will struggle to pay the newly proposed N100,000 minimum salary.
According to him, the country’s existing financial health indicates that both the federal and state governments will be unable to pay their employees’ wages if N100,000 or more is authorized as the country’s new minimum wage.
Onanuga supported his claim with the reality that most state governors are still struggling to pay the existing minimum wage.
He said:
“Let me tell you, the last time it was done under President Buhari when the wage was increased to N30,000 per month, till today, 26 state governments could not pay it, out of 36, only 10 are paying.
“The rest have not paid the whole rate or maybe they’ve just improved a bit. But mostly, according to the people who have monitored it, 26 state governments are unable to comply.
“Whatever the government wants to do now, even if we increase wages to 100,000 naira, will the Federal Government be able to pay?”
Onanuga said on Channels Television’s Politics Today show on Wednesday, February 28, said that Binance arbitrarily fixes foreign currency rates.
He said:
“If we don’t clamp down on Binance, Binance will destroy the economy of this country. They just fix the rate. We have saboteurs. Look at what Binance is doing to our economy. That is why the government moved against Binance. Some people sit down using the cyberspace to dictate even our exchange rate, hijacking the role of the CBN.
“They just sit down and fix anything they like. It’s a sabotage and we are trying to prevent that from happening henceforth.”
Leave a Reply