The Central Bank of Nigeria has advised Nigerians to resist the urge of succumbing to speculative activities of some players in the foreign exchange market in the face of rising demand for foreign exchange for both goods and services by Nigerians.
In a statement the Director, Corporate Communications, CBN, Mr Osita Nwanisobi, said the CBN remained committed; to resolving the foreign exchange issues confronting the nation and had been working to manage both the demand and supply side challenges. Nwanisobi said that the “bank would continue to make deliberate efforts in the foreign exchange sector; to avert further downward slide in the value of the naira fuelled by speculative tendencies.”
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 CBN was concerned about the international value of the naira.
Reiterating an earlier position of the CBN Governor, Mr Godwin Emefiele, he urged Nigerians to play their roles; by adjusting their consumption patterns, looking inwards and finding innovative solutions to the country’s challenges.
He said monetary policy alone could not bear all the burden of the expected adjustments needed to manage the challenges around Nigeria’s foreign exchange.