Despite all efforts by Tinubu’s administration to make the naira stand strong against the dollar, it has been losing value almost every two weeks. With this, the Central Bank of Nigeria (CBN) is putting its best to restore the Naira from devaluation. The CBN's forthcoming actions will be made public in the coming days.
This notice was released to State House journalists by the acting apex bank governor, Folashodun Shonubi who had a meeting with President Bola Tinubu at the Presidential Villa in Abuja.
In the report, the apex governor said that the government will make strict policies against any individual or group involved with illegal activities while operating in the foreign exchange market, including the parallel market.
When interviewed by State House journalists, Folashodun Shonubi said that his talk with Bola Tinubu in the Villa was centered on plans to stabilize the Naira. He also said that the President was worried over the dip in Naira against the dollar and its impact on the public as well as commodities.
Shonubi warned that speculators would witness significant losses if the Federal Government moved on with its plan to address the Naira devaluation. He further stated that speculative inclinations rather than demand were impacting changes in the parallel market.
Read more: https://www.investingport.com/specu...as-cbn-plans-new-measures-to-stabilize-naira/