Folashodun Shonubi, the Central Bank of Nigeria’s (CBN) acting governor, said the apex bank will take action to increase market liquidity during the next days.
Speaking on Monday, Shonubi revealed that President Bola Tinubu had expressed his concern about market changes and their effects on Nigerians during their meeting.
The acting CBN governor expressed his opinion that speculative demand is primarily responsible for market movements and expressed confidence that the actions that will be taken soon will have a major effect on the market.
His comments come as the nation’s currency continues to struggle on the foreign exchange market. On Monday, the national currency was worth more than N900 to the US dollar.
Recall that President Tinubu unified the country’s foreign exchange market upon taking office by eliminating the numerous exchange rates that were in operation prior to his election to the position of president.
The naira has, however, continued to decline against the dollar since his decision to unify the country’s forex market, falling from N460 to a dollar to its current exchange rate of over N900.
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