The acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, says the apex bank is taking steps to improve the liquidity in the foreign exchange market in the coming days.
Mr Shonubi disclosed this today after a courtesy visit to President Bola Ahmed Tinubu at the presidential villa to voice his concern regarding developments in the market and its impact on Nigerians.
According to him, the changes in the market are driven mostly by speculative demand and was confident that the steps that will be implemented soon will significantly influence the market.
He warned that the speculators would suffer huge losses when government activates its strategies.
This is coming days after CBN revealed a 19 billion dollar commitment in derivatives in 2022, nearly the size of the country’s reserves.
It is worthwhile to note that the naira has hit a succession of record lows on the black market due to dollar shortages on the official market where the currency has also weakened since the devaluation, with the new unit quote at 945 naira per dollar on the black market.
CBN Moves to Stop Naira Free Fall
