Home BUSINESS BANKING & FINANCE Forex Challenge: We’re On Top Of The Situation, CBN Assures Nigerians

Forex Challenge: We’re On Top Of The Situation, CBN Assures Nigerians

CBN Governor, Godwin Emefiele

The Central Bank of Nigeria (CBN) has assured Nigerians that it is addressing the challenge facing the foreign exchange issues confronting the country, even as it advised the citizens to resist the urge of succumbing to the speculative activities of some players in the foreign exchange market.

Speaking with newsmen in Abuja today, the bank’s Director, Corporate Communications, Osita Nwanisobi, said that the CBN is committed to resolving the foreign exchange issues confronting the nation and as such “has been working to manage both the demand and supply side challenges.”

The apex bank’s spokesman, who admitted that there has been a 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, said that the bank is concerned about the international value of the Naira.

According to him, the monetary authority is currently strategizing to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from oil sector.

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He said that the bank’s records showed that foreign exchange inflow through the RT200 FX Programme in the first and second quarters of 2022 increased significantly to about US$600 million as at June 2022.

Nwanisobi assured that the bank would continue to make deliberate efforts in the foreign exchange sector to avert further downward slides in the value of the Naira which, according to him is fuelled by speculative tendencies.

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