Technocrat Media
The Central Bank of Nigeria (CBN) says Nigerians must avoid dealing with speculators in the foreign exchange (FX) market to save Nigeria’s naira from further fall in value.
Osita Nwanisobi, director of the CBN’s corporate communications, said this in a statement on Friday.
The statement comes a few hours after some operatives of the country’s anti-graft agency—the Economic and Financial Crimes Commission (EFCC) raided the foreign exchange market hub at Wuse Zone 4 of the nation’s capital, over allegations that some Bureaux De Change (BDC) operators are mopping up foreign currencies.
According to TheCable, EFCC’s invasion was a covert operation to “dislodge currency speculators who are alleged to be massively mopping up available foreign currencies.”
In the last few weeks, the naira has experienced further devaluation, dropping from about N580 to N707 per dollar at the parallel section of the foreign exchange market.
The apex bank’s spokesman blamed the current depreciation of the naira on “speculative tendencies.”
He added that CBN would continue to make deliberate efforts in the FX sector to avoid further downward slides in the value of the naira.
“Similarly, the Naira4Dollar incentive also increased the volume of diaspora remittances during the first half of the year,” he said.
“There are also interventions such as 100 for 100 Policy on Production and Productivity, Anchor Borrowers’ Programme (ABP), and the Non-Oil Export Stimulation Facility (NESF).
“They are also geared toward diversifying the economy, enhancing the inflow of foreign exchange, stimulating production, and reducing foreign exchange demand pressure.
“We should look inwards and find innovative solutions to the country’s challenges.
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