The Central Bank of Nigeria has stated that it will take steps to improve liquidity in the foreign exchange market in the next few days. This was disclosed by the acting Governor of the Central Bank of Nigeria (CBN) Folashodun Shonubi on Monday.
Channels TV reported that Mr. Folashodun made that statement on Monday, and that he also disclosed that he met with President Bola Tinubu on the issue.
The acting Governor stated that President Tinubu voiced his concern regarding developments in the market and its impact on Nigerians.
He went on to share his belief that the changes in the market are driven mostly by speculative demand and was confident that the steps that will be implemented soon will significantly impact the market.
Naira was exchanging at the rate of N945 to the US Dollar at the time of this report.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur