The Central Bank of Nigeria, CBN is planning new measures to check the deteriorating value of naira in the foreign exchange market.
These measures are coming following the meeting between president Bola Tinubu and the acting CBN governor, Folashodun Shonubi at the state house.
The acting governor of the Apex bank revealed that the President is concerned about the current realities in the foreign exchange market activities in the parallel market.
He said President Tinubu expressed his concern about the impact of recent developments in the foreign exchange market, particularly on ordinary citizens.
Sonubi said he assured the President that the CBN is actively working to improve liquidity and stability in the market, including addressing issues in the parallel market.
Sonubi stressed that the fluctuations in the parallel market are not solely driven by economic factors, but also by speculative demand.
The apex bank governor said while he would not disclose specific details, he warned speculators that the CBN’s upcoming initiatives could potentially lead to significant losses for them.
He said the primary purpose of his presence at the presidential villa was to reassure the President that the CBN is taking decisive action to address the concerns raised.
He expressed confidence that the measures being implemented would yield positive outcomes within a few days.
According to him, the CBN’s ultimate goal is to create an efficient and reasonable operating environment that minimise negative impacts on the average Nigerian’s life.
He assured that the CBN remains committed to ensuring stability and improving the overall economic landscape.
