CBN to reverse Naira fall

Emeka Okoroanyanwu
The Central Bank of Nigeria (CBN) has received the approval of the President, Bola Ahmed Tinubu to reverse the slide of the naira soonest.
The apex bank has, therefore, lined up intervention measures that will be unveiled in the coming days.
Acting governor of the apex bank, Folashodun Shonubi, disclosed after a meeting with President Bola Tinubu at the presidential villa, Abuja today that the government would come down hard on those involved in underhand undertaking in the foreign exchange market, including the parallel market.

Shonubi said the president is concerned about the development in the market and its effect on the people, insisting that he discussed what could be done to stabilize the naira with the president.

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He noted that the changes going on in the parallel market are not dictated by demands but by speculative attitude warning that the speculators will suffer huge losses soon after the government activates its strategies.

“Mr. President is very concerned about some of the goings on in the foreign exchange market,” the acting CBN boss said.

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He disclosed that he disclosed with Tinubu what could be done to stabilize the naira and what could be done to improve the liquidity in the market and also the goings on in the various other markets, including the parallel market.

The President, he said, was concerned about the impact of the naira slide on the average person, since a lot of activities on the economy are still referenced to exchange rates in the parallel market.

Shonubi said he has discussed and shared with Tinubu what the CBN is doing to improve foreign exchange supply.

“If you look at the official market, you’ll find that the market has been fairly stable and the spreads of the difference have not fluctuated as much.

“We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply, but are touched by speculative demand from people.

“Some of the plans and strategies, which I’m not at liberty to share with you, means sooner rather than later, the speculators should be careful because we believe the things we’re doing, when they come to fruition, may result in significant losses to them.

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“But my presence here is more about the concerns the President has and his needs to know that we are doing something about it, assurances of which I have given him totally.

“We are looking at it and we’re doing things which will significantly impact the market in a few days time and we will all see it”, Shonubi explained.
The intention of the apex bank, he said was to ensure the environment operates at a level that’s more efficient, but also that is also very reasonable and does not have a negative impact on the lives of the average Nigerian.

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