FOREX/CBN: CENTRAL BANK OF NIGERIA SAYS IT HAS TAKEN APPROPRIATE MEASURES TO STABILIZE THE………
By: Safiya Abdulrahim Dabban. 08036377731
The Central Bank of Nigeria says it has taken appropriate measures to stabilise the unfavourable fluctuations in the foreign exchange market.
The Acting Governor of the bank, Mr. Folashodun Shonubi, stated this in Abuja to State House correspondents after his meeting with President Tinubu on the situation.
He said they discussed the effective measures needed to be taken to stabilise and improve the liquidity in all the sections of the market.
Mr. Shonubi was however categorical that the unfavourable situation was arbitrary, and warned the culprits about the consequences of their actions.
“We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply, but are caused by speculative demand from people.
The speculators should be careful, because we believe that the things we’re doing,, when they come to fruition, may result in significant losses to them”, he warned.
He said he had told the President about the CBN’s plans to sanitise the environment and make it operate efficiently, and reasonably, without having negative impacts on the lives of the masses.
“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 out that market has been fairly stable, and the spreads of the difference have.not fluctuated as much. We’re 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”, Mr. Shonubi stressed.