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April 23, 2024
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Stockpile dollars and ‘lose your shirts’, Abiodun warns forex traders

Ogun State Governor, Dapo Abiodun, has warned forex traders against stockpiling dollars or risk losing their shirts.

Abiodun said the naira has been appreciating faster against other currencies in the global financial markets.

He made this known in Abeokuta, on Monday, while inspecting the process designed for the sale of the discounted rice for the civil servants in the state.

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The governor said he had warned against stockpiling of dollars some weeks back but Nigerians failed to yield.

Abiodun explained that he would warn again that “don’t stockpile dollars, you will lose because naira is gaining strength everyday.”

He said “Infact, naira is acclaimed to be, on record, one currency anywhere in the world that has appreciated faster. I am not a soothsayer but I remember I said it a few weeks ago that don’t stockpile dollars, you will lose your shirt. And for those that have not heard, that have not seen, I am warning you again, don’t stockpile dollars, you will lose because naira is gaining strength everyday.”

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The governor noted that the naira’s appreciation will  stabilize the price of food items, and boost confidence in Nigeria’s economy.

“Mr President is very particular about food security and consequently, he is encouraging all of us to go back to the farm,” he said.

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