According to the CBN, foreign currency market speculators should be avoided, which has warned Nigerians from giving in to their impulses to do the same. It issued the recommendation in light of Nigerians' increased demand for foreign currency for products and services.
To this end, the central bank has been focusing on both the supply and demand sides of the currency market, according to CBN Director of Corporate Communications Osita Nwanisobi, who spoke to the media in Abuja on Thursday.
When asked about the bank's concerns regarding the worldwide value of Nigeria's naira, Nwanisobi acknowledged that the country has a high need for foreign cash to fulfil its demands and those of manufacturers, students, doctors, and other Invisibles.
He said Nigeria's monetary authority was working to assist the country earn more steady and sustainable foreign currency inflows in the face of diminishing oil industry inflows.
RT200 FX Program and Naira4Dollar rebate program, according to Nwanisobi, have contributed to a rise in the entrance of foreign currency into the nation.
The RT200 FX Program's inflow of foreign currency, he claims, surged dramatically to nearly $600 million in the second and third quarters of 2022, according to bank statistics. According to the CBN official, the remittance volume from diaspora was also raised by the Naira4Dollar incentive.
Additionally, he stated that several other policies and programs, such as the 100-for-100 policy on production and productivity, Anchor Borrowers' Program (ABP), and the Non-Oil Export Stimulation Facility, were designed to increase foreign exchange inflows, stimulate production, and reduce foreign exchange demand.
Bank of Nigeria Deputy Governor Nwanisobi reassured the public that the bank would continue to make a concerted effort in the foreign currency market to prevent additional declines in the naira's value spurred by speculation.
According the CBN Governor, Mr Godwin Emefiele, he asked Nigerians to do their part in finding creative solutions to the country's problems by changing their purchasing habits, looking inside and looking inward.More posts to read
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According to a CBN spokesperson, monetary policy alone would not be sufficient to deal with Nigeria's foreign exchange difficulties. As Nigerians, he stated that we are responsible for supporting the naira's value.