In the face of rising demands for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria (CBN) has advised Nigerians to resist the urge of succumbing to the speculative activities of some players in the foreign exchange market.
Speaking with newsmen in Abuja Thursday, the bank’s director, Corporate Communications, Mr. Osita Nwanisobi, said the CBN remained 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.”
While admitting that there was 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, Nwanisobi said the bank was concerned about the international value of the Naira.
He added that the monetary authority was strategising to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector.
According to him, 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, therefore, said 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.