Acting Governor of the Central Bank of Nigeria – Folashodun Shunobi has affirmed to Solidify Foreign Exchange Market
By Abdul Rahman Bangura-
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The Central Bank of Nigeria (CBN) announces it has seized ethical criteria to establish the adverse instabilities in the foreign exchange market.
The Acting Governor of the CBN, notified State House Correspondents in Abuja after he met with President Tinubu. He told they talked over the helpful criteria required to be carried by way to boost the liquidity in all the sections of the market.
Shunobi explained that the stabilizers were arbitrary, and warned the culprits about the outcomes of their actions.
“We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply, but are caused by speculative demand from people. The speculators should be careful because we believe that the things we’re doing,, when they come to fruition, may result in significant losses to them.”
“We’ve discussed, and I’ve shared with him what we’re doing to improve supply, if you look at the official market, you’ll find out that market has been fairly stable, and the spreads of the difference have not fluctuated as much.
We’re looking at it and we’re doing things which will significantly impact the market in a few days time” Shunobi expanded.
According to Shunobi, CBN schedules to clean the environment and make it administer efficiently and relatively without retaining adverse effects on the lives of the masses.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent