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Worried about the rising exchange rate of the naira to the dollar, Nigeria’s President Bola Tinubu, met with the acting governor of the central bank, Folashodun Sonubi.
At the meeting, both men discussed what “could be done to stabilize” the Nigerian currency and how to “improve the liquidity in the market.”
Mr Shonubi, who briefed journalists after the meeting at the State House Abuja, blamed speculators for the current exchange rate, saying the president is “very concerned” about the situation.
“We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply but are topped by speculative demand from people,” he said.
READ ALSO: Nigerian stocks sinks to 52-day low amid liquidity squeeze
The bank chief said he briefed the Nigerian leader on some of the plans to address the challenge.
“Some of the plans and strategies, which I’m not at liberty to share with you, means sooner rather than later, the speculators should be careful because we believe the things we’re doing when they come to fruition may result in significant losses to them.”
PREMIUM TIMES reported how the naira hit an all-time low of about N950 to a dollar at the parallel market (also called the black market) on Friday.
Details later…
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