Banking, Economy & MoneyHeadlines

CBN Set To Make Moves To Impact FOREX Market

The Central Bank of Nigeria (CBN) on Monday announced that it will in few days take urgent measures that will impact significantly the foreign exchange market, warning speculators to be careful.

Acting governor of CBN, Falashodun Shonubi said President Tinubu was deeply worried about the present happenings in the FX market and wants something done to save the falling naira. 

“Mr. President is very very concerned about some of the goings on in the foreign exchange market. 

“One of the things we discussed was, what could be done to stabilize and what could be done to improve the liquidity in the market and also the goings on in the various other markets including the parallel market,” 

CBN also explained the President was concerned about the impact of the fall in the value of the Naira against the dollar on the average person.

According to him, much of the activities done in the country which are purely local are still referenced to the exchange rates in the parallel markets. 


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