The Central Bank of Nigeria (CBN) has reportedly launched a campaign to hunt down some influential Nigerians allegedly responsible for the depreciation of the Naira against the Dollar.
An insider who spoke to the Daily Post on Thursday said that the apex bank has vowed to clamp down on citizens hoarding the local currency and speculators whose activities affect the appreciation of the Naira against the US dollar.
“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.
The insider said that the depreciation of the Naira is due to a pushback by speculators and current traders, and that the CBN is focused on launching a campaign against them.
“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.
The insider also said that powerful Nigerians who benefitted from round-tripping in the last administration are still involved in speculation and that the government is ready to move against them decisively.
The depreciation of the Naira against the Dollar has been a major concern for the Nigerian government and businesses in recent months. The CBN has taken a number of measures to try to stabilize the currency, but the recent depreciation suggests that these measures have not been successful.
The CBN’s campaign against speculators and hoarders is a welcome development, but it remains to be seen whether it will be effective in stabilizing the Naira.