The Central Bank of Nigeria (CBN) has warned foreign exchange speculators to desist or face stringent measures to be rolled out.
Acting Governor of the apex bank, Folashodun Shonubi gave the warning on Monday, in an interview with State House Correspondents, after he met for over an hour with President Bola Tinubu.
The Acting CBN Governor further stated that the speculators were responsible for the current changes going on in the parallel market.
He said when the government takes action against the speculators; they will incur losses as a result of their unpatriotic acts.
“We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply but are topped by speculative demand from people.
“Some of the plans and strategies we have, which I am not at liberty to share with you, mean sooner rather than later, the speculators should be careful because we believe the things we are doing, when they come to fruition may result in significant losses to them.,” he stated.
Shonubi added that President Tinubu is very concerned about the situation and what the Central Bank is doing to improve it.
“My presence here is more about the concerns the President has and his need to know that we are doing something about it; assurances of which I have given him totally,” he said.
He also said the CBN is looking at the situation and is already taking steps that will significantly impact the market very soon so as to impact the lives of average Nigerians.
Nigeria’s currency, the Naira, has suffered recently in foreign exchange market, losing its value drastically but the government is determined to correct the animally.
Olusola Akintonde
