Top Stories

Forex: CBN Vows To Crackdown On Currency Speculators 

The downward slide of the exchange rate of the Naira to a Dollar has attracted the attention of the government at the centre as the Central Bank of Nigeria (CBN) on Monday expressed its readiness to reverse the slide of the Naira as it has lined up intervention measures that will be unveiled in the next few days.

Acting governor of the apex bank, Folashodun Shonubi, dropped this hint while speaking with newsmen after meeting with President Bola Tinubu at the State House, Abuja.

He warned that government will come hard on those involved in underhand undertaking in the foreign exchange market including the parallel market.

According to him, the President is concerned about the development in the market and its effect on the people, saying he discussed what could be done to stabilize the naira with him

Shonubi, who noted that the changes going on in the parallel market are not dictated by demands but speculative attitude warned that the specilators will suffer huge losses when government activates its strategies.

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 stabilize 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 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 which 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. “Thank you very much.”

Deji Elumoye in Abuja

Follow us on:

AriseNews

View Comments

  • E-AUCTION E-AUCTION E-AUCTION BELOW ARE SOME OF THE VEHICLES AVAILABLE.

    golf 3 -₦300,000
    golf 4--₦500,000
    golf 5 -₦N550,000

    LEXUS>RX300 700,000
    LEXUS>RX330 950,000
    LEXUS>RX350 1million
    LEXUS>LX570 1million
    LEXUS>GX460 2million
    LEXUS>GX470 3million
    MANY MORE...

    TOYOTA>CAMRY 2.2 500,000
    TOYOTA>CAMRY 2.4 N550,000
    TOYOTA>CAMRY SPIDER 1million
    TOYOTA PRADO 1,300,000
    TOYOTA>YARIS 500,000
    TOYOTA RAV4 700,000
    4RUNNER 1M
    TOYOTA TACOMA 2MILLION
    TOYOTA HIACE 900,000
    TOYOTA SIENNA N850,000
    TOYOTA>MATRIX 700,000
    TOYOTA HIGHLANDER 1M
    TOYOTA>RAV4 800,000
    TOYOTA MUSCLE 950,000
    HILUX 1.5 M
    TOYOTA TUNDRA N1,200,000
    TOYOTA>VENZA 1.7million MANY MORE

    HONDA ACCORD 600,000
    HONDA EOD 500,000
    HONDA ODYSSEY 900,000
    CROSSTOUR 1,300,000
    HONDA>PILOT 1million MANY MORE...

    NISSAN ALTIMA 800,000
    NISSAN ALMERA 850,000
    NISSAN AMANDA 1.2million
    NISSAN MAXIMA 950,000.
    MANY MORE...O7O 4540 6674 }

Recent Posts

Matt Gaetz To Exit Congress Following Withdrawal As DOJ Nominee Amid Controversy

Matt Gaetz has said he will not return to Congress after withdrawing as Trump’s DOJ…

52 mins ago

Tinubu Seeks Senate Approval For Oluyede As Chief Of Army Staff

President Tinubu has sought Senate confirmation of Olufemi Oluyede as Chief of Army Staff, citing…

1 hour ago

Netanyahu Risks Arrest in UK as ICC Issues Warrant Against Him For War Crimes

Israeli PM Netanyahu faces potential arrest in the UK as Downing Street pledges to fulfill…

4 hours ago

Second Australian Teen Dies from Suspected Methanol Poisoning in Laos

A second Australian teenager has died of suspected methanol poisoning in Laos, bringing to six…

4 hours ago

Simon Ekpa Arrested, Denies Being IPOB Leader + Atiku Says Tinubu’s Loans Are Bone-Crushing – Trending With Ojy Okpe

https://www.youtube.com/watch?v=mFlFl1mPGC8 The arrest of self-proclaimed Prime minister of the Biafra Republic, Simon Ekpa who was…

4 hours ago

Gatwick Airport South Terminal Evacuated, Bomb Disposal Team Deployed Suspicious Item Found In Luggage

Gatwick Airport's South Terminal was evacuated after a suspected prohibited item was found, prompting bomb…

5 hours ago