The Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shunobi says the Apex Bank has taken appropriate measures to stabilise the unfavourable fluctuations in the foreign exchange market.
Shunobi, told State House Correspondents in Abuja after his meeting with President Tinubu that the situation was arbitrary, and warned the offenders about the consequences of their actions.
He said they have discussed the effective measures to be taken to stabilise and improve the liquidity in all the sections of the market.
“We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply, but are caused by speculative demand from people. The speculators should be careful, because we believe that the things we’re doing, when they come to fruition, may result in significant losses to them.”
“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 out that market has been fairly stable, and the spreads of the difference have not fluctuated as much. We’re looking at it and we’re doing things which will significantly impact the market in a few days’ time” he added.
CBN plan, according Mr Shunobi is to sanitize the environment and make it operate efficiently without having negative impacts on the lives of the masses.
Veteran journalist and recipient of A.B.C Yola, Reporter of the Year Award (1997), Hassan Umar Shallpella, works with WAP as a Regional Correspondence. He was trained at Institute of Mass Communication and Technology Jos and Federal Radio Corporation of Nigeria, Training School Lagos.He was a News desk Editor and a Correspondent at the Punch newspaper and till 2019, was the Deputy Editor ofThe Scope newspaper.
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