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We are working to Avert Further Naira Fall – CBN

We are working to Avert Further Naira Fall – CBN

With the demand for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria -CBN, has reassured the citizens of the country that it would continue to make intentional efforts in the foreign exchange sector to avoid a further downward slide in the value of the naira, which it said was fuelled by speculative tendencies.

The Director of Corporate Communications at the CBN, Mr. Osita Nwanisobi, yesterday, advised the public to resist the urge of falling to the news of speculative activities of a few players in the foreign exchange market.

Reiterating an earlier position of the CBN Governor, Mr. Godwin Emefiele had urged Nigerians to play their role by re-adjusting their consumption patterns, looking inwards, and finding innovative solutions to the nation’s challenges.

He added that monetary policy alone could not bear all the burden of the expected adjustments needed to manage the challenges around Nigeria’s foreign exchange and admonished:

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“It’s our collective duty as Nigerians to shore up the value of the Naira”

According to him, the CBN remained assured of resolving the foreign exchange issues confronting the nation and as such has been working hard to manage both the demands and supply side challenges.

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