CBN moves against dollar speculators, hoarders as Naira depreciates

CBN moves against dollar speculators, hoarders as Naira depreciates

The Central Bank of Nigeria, CBN, has vowed to clamp down on currency hoarders and speculators whose activities affect the appreciation of naira against the US dollar.

A source conversant with the CBN’s decision claimed that the speculators and hoarders are sabotaging the government’s efforts towards stabilising the local currency.

DAILY POST recalls that following some moves by the CBN to stop the depreciation of the naira, the currency received a significant boost in the last two weeks.

The improvement was not unconnected to the implementation of President Tinubu’s promise to clear the estimated $7 billion 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 our correspondent 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.

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