Nigerians have been urged by the Central Bank of Nigeria (CBN) to resist the temptation to fall prey to the speculative practices of some participants in the foreign exchange market.
In response to Nigerians’ growing demand for foreign currency for both products and services, it offered the recommendation.
Osita Nwanisobi, the CBN’s director of corporate communications, told reporters on Thursday in Abuja that the central bank remained dedicated to helping the country resolve its foreign exchange problems and that it has been trying to address both supply and demand side difficulties.
Nwanisobi stated that the bank was concerned about the worldwide value of the naira while acknowledging that there was a significant demand pressure for foreign money to fulfill the demands of manufacturers and to pay for tuition, medical bills, and other invisibles.
In response to declining foreign exchange inflows from the oil sector, he continued, the monetary authority was developing strategies to assist Nigeria earn more steady and sustainable inflows of foreign currency.
In particular, Nwanisobi claimed that recent bank initiatives like the RT200 FX Program and the Naira4Dollar rebate scheme have increased the amount of foreign currency entering the nation.
He said that the bank’s data demonstrated that foreign exchange inflow through the RT200 FX Programme surged dramatically to around $600 million as of June 2022 from the first and second quarters of 2022.
According to the CBN spokesman, the Naira4Dollar incentive also raised the amount of remittances from the diaspora during the first half of the year.
He claimed that initiatives like the 100 for 100 Policy on Production and Productivity, the Anchor Borrowers’ Programme (ABP), and the Non-Oil Export Stimulation Facility (NESF), among others, were also intended to diversify the economy, improve the inflow of foreign currency, boost production, and ease pressure on foreign exchange markets.
Nwanisobi assured that the bank will keep working consciously in the foreign exchange market to prevent a further decline in the value of the naira, which he noted was being driven by speculative inclinations.
Reiterating the CBN Governor, Mr. Godwin Emefieleearlier ,’s stance, he urged Nigerians to do their part by changing their consumption habits, looking inside, and coming up with creative solutions to the problems facing the nation.
The CBN official said that monetary policy could not fully support the anticipated modifications required to address Nigeria’s foreign exchange difficulties.
“It’s our collective duty as Nigerians to shore up the value of the naira,” he said.