The Central Bank of Nigeria (CBN) has reportedly initiated a campaign to track down influential individuals believed to be responsible for the devaluation of the Naira against the US Dollar. According to an insider who spoke with the Daily Post, the apex bank is determined to crack down on citizens hoarding the local currency and speculators whose activities negatively impact the Naira's value.

The source revealed that these speculators and hoarders are undermining the government's efforts to stabilize the local currency. While the Naira saw significant improvement in the past two weeks due to specific measures by the CBN and President Tinubu's commitment to address the $7 billion foreign exchange issue, recent reports indicate a decline in the Naira's value against the Dollar.

The insider explained that politically exposed individuals who benefited from foreign exchange round-tripping under the last administration are resisting the current system. The government, aware of their actions, intends to go after these speculators and hoarders decisively to prevent the erosion of recent gains against the Naira.

The source emphasized the CBN's focus on launching a campaign against these influential individuals, stating, "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."