*The Central Bank of Nigeria has assured consumers that it will continue to make deliberate efforts at averting further downward slide in the value of the Naira in the Foreign Exchange sector of the economy

Gbenga Kayode | 绿帽献妻

In the face of rising demand for Foreign Exchange (Forex) for both goods and services by consumers, the Central Bank of Nigeria (CBN) has advised Nigerians to resist the urge of succumbing to the speculative activities of some players in the Foreign Exchange market.

绿帽献妻 reports Mr. Osita Nwanisobi, Director, Corporate Communications at CBN, who stated this while speaking with reporters Thursday, July 28, 2022, in Abuja, FCT, said the CBN remained committed to resolving the Forex issues confronting the West African country.

Nwanisobi stated that the Bankers’ Bank has been working to manage both the demand and supply side challenges in the Nigerian economy.

While admitting that there was huge demand pressure for foreign exchange to meet the needs of manufacturers as well as those for the payment of tuition, medical fees and other invisibles, the CBN Director of Corporate Communications also disclosed that the Bank was concerned about the international value of the Naira.

According to him, the monetary authority is evolving a strategy to help Nigeria to earn more stable and sustainable inflows of foreign exchange in regard to dwindling inflows from the oil sector.

Specifically, Nwanisobi noted that recent initiatives undertaken by the Bank, such as the RT200 FX Programme and the Naira4Dollar rebate scheme, had helped to increase Forex inflow to the country.

The Bank鈥檚 records showed that foreign exchange inflow through the RT200 FX Programme in the first and second quarters of 2022 increased significantly to about US$600 million as of June 2022, stated he. Similarly, Nwanisobi disclosed that the Naira4Dollar incentive also increased the volume of the Diaspora remittances during the first half of the year.

He further noted that interventions, such as 100 for 100 Policy on Production and Productivity, Anchor Borrowers鈥� Programme (ABP) and the Non-Oil Export Stimulation Facility (NESF), among others, were also geared towards diversifying the economy, enhancing inflow of foreign exchange, stimulating production and reducing foreign exchange demand pressure.

Nwanisobi, therefore, assured Nigerian consumers that the Bank would continue to make deliberate efforts, in the foreign exchange sector, at averting further downward slide in the value of the Naira, which he observed is fuelled by speculative tendencies.

Reiterating an earlier position of Mr. Godwin Emefiele, Governor of CBN, the Bank’s Spokesman as well urged Nigerians to play their role by adjusting their consumption patterns, looking inwards and finding innovative solutions to the country鈥檚 challenges.

He submitted that the monetary policy alone could not bear all the burden of the expected adjustments needed to manage the challenges around Nigeria鈥檚 foreign exchange.

Nwanisobi admonished Nigerians, saying: 鈥淚t鈥檚 our collective duty as Nigerians to shore up the value of the Naira.鈥�