Banking

CBN allays Nigerians’ fears, vows to tackle forex crisis

Amid the rising demand for foreign exchange, 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.

Dollar is being traded at almost N700 at the unofficial market.

Speaking with newsmen in Abuja on Thursday, the Director, Corporate Communications at the CBN, 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.

NAICOM to liquidate more insurance companies

While admitting that there was 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 strategizing to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector.

Nwanisobi noted that recent initiatives undertaken by the bank such as the RT200 FX Programme and the Naira4Dollar rebate scheme had helped to increase foreign exchange inflow to the country.

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 $600 million as at June 2022.

Similarly, he disclosed that the Naira4Dollar incentive also increased the volume of Diaspora remittances during the first half of the year.

EFCC: How ex-AGF, govs, RMAFC, commissioners shared N94bn bribe

The CBN spokesman said interventions such as 100 for 100 Policy on Production and Productivity, Anchor Borrowers’ Programme (ABP) and the Non-Oil Export Stimulation Facility (NESF), among others, were also geared towards diversifying the economy, enhancing inflow of foreign exchange, stimulating production and reducing foreign exchange demand pressure.

Nwanisobi, therefore, said that the bank would continue to make deliberate effort in the foreign exchange sector to avert further downward slide in the value of the naira, which he observed is fuelled by speculative tendencies.

Reiterating an earlier position of the CBN Governor, Mr. Godwin Emefiele, he urged Nigerians to play their role by adjusting their consumption patterns, looking inwards and finding innovative solutions to the country’s challenges.

He submitted that monetary policy alone could not bear all the burden of the expected adjustments needed to manage the challenges around Nigeria’s foreign exchange and admonished that: “It’s our collective duty as Nigerians to shore up the value of the Naira.”

The Star

Editor

Recent Posts

Bishop Odedeji: Jesus birth, most remarkable event in human history

The Anglican Bishop of the diocese of Lagos West The Rt. Rev James Olusola Odedeji…

5 hours ago

Christmas: Let’s be instruments of peace, Uba Sani urges Christians

Kaduna State Governor Uba Sani has felicitated Christians in the state, urging them and other…

13 hours ago

Zenith Bank, Int’l Breweries, NNPC, Others Shine at 2024 SERAS Awards

It was a night of glitz, glamour and celebration at the 18th edition of the…

1 day ago

Tinubu felicitates Christians on Christmas, says Nigeria on path of restoration

President Bola Tinubu has felicitated Christians on Christmas celebration in the country, saying the nation…

1 day ago

Uba Sani inaugurates 12 road projects on Xmas Eve

Governor Uba Sani has inaugurated 12 asphaltic roads  within Kaduna metropolis on Tuesday, 10 months…

1 day ago

Court sends oil magnate to prison for diverting $26m refinery fund

A Federal High Court sitting in Abuja has remanded the Founder and Chairman of Platform…

1 day ago

This website uses cookies.