How To Save Naira – CBN

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Kosi Uchenna

The Central Bank of Nigeria, CBN, has urged Nigerians to avoid rumours in the foreign exchange market to ensure the naira does not dip further.

This was said by the CBN corporate communications director, Osita Nwanisobi, in a statement issued on Friday.

The statement follows the raiding of Wuse Zone 4, Abuja by operatives of the Economic and FInancia Crimes Commission, EFCC, over alleged mopping up of foreign currencies by some Bereaux De Change, BDC, operators.

Reports say the raid was in an attempt to “dislodge currency speculators who are alleged to be massively mopping up available foreign currencies.”

The naira recently dipped to around N7070 per dollar from about N580 at the parallel market.

According to Nwanisobi, the dip was occasioned by “speculative tendencies.”

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He said “Tthe Naira4Dollar incentive also increased the volume of diaspora remittances during the first half of the year,” he said.

“There are also interventions such as 100 for 100 Policy on Production and Productivity, Anchor Borrowers’ Programme (ABP) and the Non-Oil Export Stimulation Facility (NESF).

“They are also geared toward diversifying the economy, enhancing the inflow of foreign exchange, stimulating production and reducing foreign exchange demand pressure.

“We should look inwards and find innovative solutions to the country’s challenges.

“It is our collective duty as Nigerians to shore up the value of the Naira.”

Source: Cable

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