President Bola Tinubu has ordered the Central Bank of Nigeria to find solutions towards ending the free fall of the Naira against Dollar.
Daily Report Nigeria reports that the CBN has confirmed it is set to take new measures to stabilise the naira.
Acting CBN Governor, Folasodun Sonubi stated this to State House Correspondents after meeting with President Tinubu on what the bank was doing about situation Monday.
According to Sonubi, President Tinubu expressed great concerns about the impact the status of foreign exchange market has on ordinary citizens.
Sonubi said he assured the President that the CBN is actively working to improve liquidity and stability in the market, including addressing issues in the parallel market.
He assured that the CBN remains committed to ensuring stability and improving the overall economic landscape.
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He said:
“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 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’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 that 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 are touched 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 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.”
