Forex: Don't Participate In Speculative Activities — CBN To Nigerians

Nigerians have been advised not to succumb to the speculative activities of some players in the foreign exchange market.

CBN’s Director, Corporate Communications CBN, Osita Nwanisobi, gave the advice in a statement on Friday following the rising demand for foreign exchange for both goods and services.

Nwanisobi said that the CBN is working towards managing both the demand and supply challenges confronting the nation, and also remained committed to resolving the foreign exchange issues, adding that the apex bank is concerned about the international value of the Naira.

The director said that recent initiatives undertaken by the CBN, like the “RT200 FX’’ Programme and the “Naira4Dollar’’ rebate scheme had helped to increase foreign exchange inflow.

He said that CBN’s records showed that foreign exchange inflow through the RT200 FX Programme in the first and second quarters of 2022 increased significantly to about 600 million dollars as of June.

“Similarly, the Naira4Dollar incentive also increased the volume of diaspora remittances during the first half of the year.

“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," he said.

He added that the apex bank would continue to make deliberate efforts in the foreign exchange sector to avert further downward slide in the value of the currency, adding that monetary policy alone could not bear all the burden of the expected adjustments needed to manage challenges around Nigeria’s foreign exchange.

“We should look inwards and find innovative solutions to the country’s challenges. It is our collective duty as Nigerians to shore up the value of the Naira,” he stated.