The Central Bank of Nigeria has warned Nigerians to resist the temptation to fall prey to the speculative practices of some participants in the foreign exchange market in light of the nation’s growing need for foreign currency to pay for both goods and services.
In a statement released on Friday, the CBN’s Director of Corporate Communications, Mr. Osita Nwanisobi, said the central bank was dedicated to finding a solution to the country’s current foreign exchange problems and had been working to handle both supply and demand side difficulties.
The “bank would continue to make deliberate efforts in the foreign exchange sector to avoid further depreciation of the naira spurred by speculative inclinations,” Nwanisobi stated.
Nwanisobi stated that the CBN was concerned about the worldwide value of the naira while acknowledging that there was a significant demand pressure for foreign cash to fulfill the demands of manufacturers as well as those for the payment of tuition, hospital bills, and other invisibles.
In response to declining foreign exchange inflows from the oil sector, he continued, the monetary authority was developing strategies to assist Nigeria earn more steady and sustainable inflows of foreign currency.
He also mentioned how recent bank initiatives like the RT200 FX Program and the Naira4Dollar rebate scheme have boosted the country’s inflow of foreign currency.
He claimed that initiatives like the 100 for 100 Policy on Production and Productivity, the Anchor Borrowers’ Program, and the Non-Oil Export Stimulation Facility, among others, were also intended to diversify the economy, increase foreign exchange inflow, boost production, and ease pressure on foreign exchange markets.
Reiterating the CBN Governor’s earlier stance, Mr. Godwin Emefiele asked Nigerians to play their parts by changing their consumption habits, looking inside, and coming up with creative solutions to the problems facing the nation.
According to him, monetary policy cannot fully support the anticipated modifications required to address Nigeria’s foreign exchange issues.
As Nigerians, it is our joint responsibility to support the naira’s value, he remarked.