…warns forex speculators about imminent loss
…says President Tinubu concerned about goings in forex market
…insists hike in parallel market artificial
NOSA EGHAGHA
ABUJA, Nigeria – The Acting Central Bank Governor, Folashodun Shonubi, has announced plans to stabilise the Naira and further improve the nation’s economy.
Shonubi disclosed this to State House correspondents after meeting with President Bola Tinubu at the Presidential Villa, Abuja.
While noting that his visit was to brief the president on what the Central Bank is doing to improve the supply of foreign exchange in the country, he said that President Tinubu was deeply concerned about the goings in the foreign exchange market.
Mr Shonubi, who did not reveal the specific measures the CBN will take, however stressed that currency speculators will lose significant amounts of funds when the measures are in place in few days time.
The Acting CBN Governor assured that the supply will be improved in the coming days to help stabilise the foreign exchange market.
“Mr. President is 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 stabilise 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 that are purely local are still referenced to the exchange rates in the parallel markets.
“We have discussed and shared with him what we’re doing to improve supply. If you look at the official market, you will find that the market has been fairly stable, and the spread of the difference has 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.
“So I hope this helps. We are looking at it, and we’re doing things that 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.” He said.
