By Harry Awurumibe, Editor, Abuja Bureau
Determined to halt the free fall of Nigeria’s currency in the parallel market, President Bola Ahmed Tinubu has directed the Central Bank of Nigeria (CBN) to implement strict monetary policies that will help stabilize the Naira and further improve the nation’s economy.
Acting Central Bank Governor, Folashodun Shonubi announced this on Monday after receiving directives from President Tinubu.
He spoke to State House Correspondents after the closed doors meeting inside the President’s Office at Presidential Villa, Abuja.
Shonubi, who did not reveal the specific measures the CBN will take, however stressed that currency speculators will lose significant amount of funds when the measures are in place. READ ALSO:
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Speaking further he said: “Mr. President is very very concerned about some of the goings on in the foreign exchange market. One of the things we discussed were, 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. He is 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 the exchange rates in the parallel markets.
“We have discussed and shared him what we’re doing to improve supply. If you look at the official market, you will find that that market has been fairly stable and the spreads of the difference are 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 topped 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 he’s needs to know that we are doing something about it, assurances of which I have given him totally”.
He also said: “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 also very reasonable and does not have a negative impact to the best that we can on the lives of the average person”.
The Acting CBN Governor added that supply will be improved in the coming days to help stabilize the foreign exchange market.
