He also predicted that dollars is likely to decline rapidly at a point in time in the next few weeks.

Dr. Bewaji made the comment while speaking to TECHECONOMY correspondent in reaction to the current trends of the naira against the United States of America dollar.

Recall that on Wednesday  the Nigerian naira was pegged at N1400/$1, meaning the exchange rate on the official market fell to N1,560/$1 on Tuesday; the strongest the naira has traded since the 4th of March when it closed at N1534/$1.

Speaking further, Dr. Wunmi, who traced the recent noticeable success of the naira to some drastic steps taken by the Federal Government, most noticeably on Binance, a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies, said the actions and policies of the government are beginning to bring in positive results.

In his words, “You see the effect of that court order is that a lot of people who have traded using the instrumentality of Binance and who had thought that they have gotten away with it, they would be exposed in the next few days,  or few weeks, as that trove of data is analyze.

So, my thinking is that could it be that Binance probably told the Federal Government Team, that they cannot release this data to them because they would be violating their customer rights to privacy?

But if they bring the court order then we would obey because of the time within which the court order was given, and the first sign that the data has been accessed is this release of the names of the terror financiers.

It is fundamental to note that Binance disabled all its naira services recently after Nigerian authorities accused the company of exploitation, devaluation of the naira, and money laundering.

While the restriction on naira services on Binance exchange held firm, the Nigerian government also accused the company of terrorism financing and money laundering, saying $26 billion worth of transactions on the platform were untraceable.

Although critics said, the measure might increase youth unemployment in a country already struggling with soaring inflation. The Federal government of Nigeria said the measure by authorities followed recent moves to try to save Nigeria’s currency from collapse and address economic problems.

Wunmi emphasized that the recent gain recorded by the Nigeria naira is sustainable, but quickly pointed out that the Nigeria media seems not to have given enough attention to the chain of events birthing the noticeable success of the naira in the last two days.

According to him, “the biggest news in the last 48 hours is the order of the court directing Binance to release the names and particulars of customers of Binance to the Economic Financial Crime Commission (EFCC)

He noted that it was “unfortunate that the Nigeria Press seem to have gone to sleep, not knowing how important, and how very important this piece of news is. Because in the last 48 hours, my thinking is that you find the federal government releasing the list of 15 persons who are supposed to be behind terror financing.

“You see the effect of that court order is that a lot of people who have traded using the instrumentality of Binance and who had thought that they have gotten away with it, would be exposed in the next few days, few weeks, as that trove of data is analyzed.

Expressing Optimism, he said it is going to have a huge impact on the forex market. Because a lot of people who had thought they could trade clandestinely will now know that such an avenue would no longer be available.

So I think this momentum is sustainable and the dollar is likely to decline rapidly at a point in time in the next few weeks.

This is even aside from the inflow of foreign direct investment or portfolio investment. So the momentum is quite sustainable in my opinion.

He spoke to our correspondent on while affirming that, it was a step in the right direction.

Recall that on January 31, in a published document addressed to the IMTOs, CBN ordered the operators not to facilitate money transfers from Nigeria to other countries.

In other words, the IMTOs will now only pay in naira.

Speaking further, the Financial Expert said, although the Nigeria government through the Central Bank of Nigeria (CBN), remains the highest suppliers of the forex exchange, and one would have expected the country to benefits from the enterprise through forex remittances, but unfortunately it is not.

According to him, it is a right step in the right direction because for the first time, the directive is now creating a two way traffic exchange regime, whereby people who consume foreign exchange, for example importers, students, tourists and the “japa” people (emigrants), medical tourists, property buyers, and people engaging in money laundering, entered the market and purchase foreign exchange whether through the bank or through the Bureau de change.

He noted Nigeria has an Annual Diaspora Remittance in the region of $30billion, but 95% of this money are kept outside the official system and this is one of the problems facing the Naira.

So this new directives will solve the two problems of: Problem of hoarding of available scarce forex, and would also prevent speculations by the people who hoard the money.

“The only supplier or the biggest supplier of foreign exchange  in the  market is the government.  So when people go the market and access foreign exchange, whether at the Bank or at the Bureau Exchange, and they travel abroad and  engage in  activities abroad, one would expect that Nigeria as a country should be able to benefit  from that enterprise through forex remittances.

For example, if you travelled abroad, you bought  foreign exchange, maybe you pay your school fees, paying thousands of Pounds,  thousands of dollars as school fees, which you sourced through the Nigerian market and then you send money home let’s say  $5000, $10000, $20,000

Recalled that the apex bank described the new directive as a move to, “liberalise the forex market and ensure transparency”.

Despite the decision to float the naira, the currency has witnessed even more volatility as the CBN attempts to clear forex backlogs worth about $7bn.

Wunmi noted that, the apex bank and by extension the economy will benefit more from the directives because feelers, unpatriotic Nigerians who are trying to outsmart the system either through Cryptocurrency and other means will be contained by the apex bank.

“We are already getting some feelers of some unpatriotic Nigerians who are trying to game or outsmart the system, by saying that they are going to by-pass this (IMTO) and start using cryptocurrency and that is where the recent lifting of the ban on cryptocurrency is so much laudable. Because Cryptocurrency is now recognized, government can now regulate it and ensure that it is not allowed to undermine the financial system.

So this is a good step in the right direction as it is done all over the world, if you take dollars to the United Kingdom, you cannot spend dollars in the United Kingdom, you have to go to the bank or go to a currency bureau and change it and be given the legal tender of  that particular country.

If you take pounds to the United States of America for instance, you go to the bank or currency Bureau and change your pound to dollars.

“So Nigeria should not be an exemption, this is a right step in the right direction, and within a very short period of time, I am sure we will start seeing the benefits of that”, he said.