The Central Bank of Nigeria (CBN) has promised that it will continue to make deliberate efforts in the foreign exchange sector in light of the growing demand for foreign currency from Nigerians for both goods and services. The CBN claimed that speculative tendencies were driving the downward slide in the value of the naira.
Yesterday, Mr. Osita Nwanisobi, the CBN’s Director of Corporate Communications, urged the public to resist the temptation to fall prey to the speculative practises of some participants in the foreign exchange market.
Reiterating the CBN Governor’s earlier stance, Mr. Godwin Emefiele urged Nigerians to play their part by changing their consumption habits, reflecting inward, and coming up with creative solutions to the problems facing the nation.
He submitted that Monetary policy alone could not bear all the burden of the expected adjustments needed to manage the challenges around Nigeriaâ€™s foreign exchange and admonished,: â€œItâ€™s our collective duty as Nigerians to shore up the value of the Nairaâ€