The Central Bank of Nigeria (CBN) says it plans to address speculations in the foreign exchange market by injecting more dollars into market.
This is even as the Federal Government proposed to inject more dollars into the market.
Acting Governor of the CBN, Folashodun Shonubi, announced this while addressing journalists after meeting with President Bola Tinubu on Monday.
Shonubi blamed the ongoing high rate of the Naira to the dollars on the activities of speculators.
He noted that the “President is very concerned about what is going on in the foreign exchange market”.
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”We have discussed and shared with him, what we are doing to improve supply,” the CBN boss added.
He assured that the apex bank would do “things which will significantly impact the market very very soon”.
It should be recalled that the Naira appreciated by 0.33 per cent week-on-week (w/w) at the Investors & Exporters (I&E) window to close at N740.6/$, from its previous close of N743.1/$.
At the parallel market, Naira depreciated week-on-week as the market saw offer quotes in the range of N885/$- N940/$.
Activities in the I&E window had weakened as average FX turnover fell last week by 14.2 per cent to settle at $ 78.1 million.
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Nigeria’s external reserves fell by 0.14 per cent to settle at $33.1 billion.
Shonubi blamed the problem on “speculative demands by people”.
He assured that the apex bank would deal with most of the problems “soon”.
A reliable source said the CBN would implement the new policy measures between now and Friday this week.
It will involve the injection of more dollars into the system, according to Presidency sources.
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