Naira slide: CBN moves to crackdown on speculators.
Written by Tunde Adeyemi on August 15, 2023
The Central Bank of Nigeria (CBN) has announced plans to reverse the slide of the naira through various measures that will be unveiled in the next few days.
Acting governor of the apex bank, Folashodun Shonubi, gave the hint on Monday while breifing State house Correspondent after a meeting with President Bola Tinubu at the Presidential villa, Abuja.
Shonubi warned that government will come down hard on those involved in underhand undertaking in the foreign exchange market including the parallel market.
He explained that the president is concerned about the develepment in the market and its effect on the people, saying he discussed what could be done to stabilze the naira with the president.
The acting CBN boss noted that the changes going on in the parallel market are not dictated by demands but speculative attitude.
He warned that the speculators will suffer huge losses when government activates its strategies.
Shonubi said the intention is to ensure the environment operates at a level that’s more efficient and does not have a negative impact on the lives of the average person.
The Nigerian currency, the naira, has continued to plunge lower in the FX market.