Tuesday, November 29, 2022

CBN Vows To Stop Naira Fall

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The Central Bank of Nigeria has advised Nigerians to resist the urge of succumbing to speculative activities of some players in the foreign exchange market in the face of rising demand for foreign exchange for both goods and services by Nigerians.

In a statement on Friday, the Director, Corporate Communications, CBN, Mr Osita Nwanisobi, said the CBN remained committed to resolving the foreign exchange issues confronting the nation and had been working to manage both the demand and supply side challenges.

Nwanisobi said that the “bank would continue to make deliberate efforts in the foreign exchange sector to avert further downward slide in the value of the naira fuelled by speculative tendencies.”

While admitting that there was huge demand pressure for foreign exchange to meet the needs of manufacturers as well as those for the payment of tuition, medical fees and other invisibles, Nwanisobi said the CBN was concerned about the international value of the naira.

He added that the monetary authority was strategising to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector.

Specifically, he noted that recent initiatives undertaken by the bank such as the RT200 FX Programme and the Naira4Dollar rebate scheme had helped to increase foreign exchange inflows to the country.

Credit- Punch Newspaper.