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CBN allays fears, moves to halt naira’s slide against foreign currencies

The leadership of the Central Bank of Nigeria (CBN) has expressed its resolve to halt the continuing slide of The Naira against other foreign currencies. The naira has gone on a steep down ward slide in value in relation to the United States’ dollar and other international currencies.

Speaking with newsmen on Friday in Abuja, Director, Corporate Communications at the CBN, Mr. Osita Nwanisobi, urged Nigerians to resist the urge of succumbing to the speculative activities of some players in the foreign exchange market. He said the apex bank remains committed to resolving the foreign exchange issues confronting the nation and as such has been working to manage both the demand and supply side challenges. While admitting huge demand pressure for foreign exchange for manufacturing and for payment of tuition, medical fees and other invisibles, Nwanisobi said the Bank was concerned with the international value of the naira.

Nwanisiobi added that the monetary authority was strategizing to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector. Specifically, he noted that recent initiatives undertaken by the Bank such as the RT200 FX Programme and the Naira-4Dollar rebate scheme had helped to increase foreign exchange inflow to the country. According to him, the Bank’s records showed that foreign exchange inflow through the RT200 FX Programme in the first and second quarters of 2022 increased significantly to about US$600 million as at June 2022. Similarly, he disclosed that the Naira4Dollar incentive also increased the volume of Diaspora remittances during the first half of the year. Nwanisobi therefore said that the Bank would continue to make deliberate effort in the foreign exchange sector to avert further downward slide in the value of the naira, which he observed is fuelled by speculative tendencies.

 

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