The Apex Bank in Nigeria, has declared it’s decision to stem the fall of the naira by implementing a series of intervention measures that will be visible in the next few days.
Folashodun Shonubi, acting governor of the CBN disclosed this while speaking with State House correspondents after a closed door meeting with President Bola Tinubu at the presidential villa, Abuja.
He stated that President Tinubu is worried about the development in the market and its effect on the people, and he has discussed what could be done to stabilize the naira.
The acting CBN governor stated that the federal government will deal decisively with saboteurs playing in the foreign exchange and parallel markets.
He decried the changes going on in the parallel market which are not dictated by demands but activities of speculators.
According to him, “Mr President is very concerned about some of the goings on in the foreign exchange market.
“One of the things we discussed is what could be done to stabilize 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.
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“He’s concerned about its impact on the average person, since, unfortunately a lot of activities that we do, which are purely local, are still referenced to exchange rates in the parallel market.
“We’ve discussed and I’ve shared with him what we’re doing to improve 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 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.
“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.
“So I hope this helps. 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.
“The intention is to ensure the environment operates at a level that’s more efficient, but also that is very reasonable and does not have a negative impact to the best that we can on the lives of the average person.”
