President Bola Tinubu has given his seal of approval to measures aimed at stabilizing and enhancing liquidity in the market, including the parallel market.
Speaking to reporters at the Presidential Villa, Abuja, after meeting with President Tinubu, the Acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, revealed that the activities witnessed in the parallel market were motivated by speculative demands.
Mr. Shonubi expressed the President’s worries about the impact on the average person, as local economic activities are still influenced by parallel market exchange rates.
The Acting Governor issued a stern warning to those involved in speculating on the foreign exchange market, including the parallel market, that the government will take stringent action against them.
He also shared that speculators would likely suffer significant losses when the government implements its planned strategies.
“Mr. President is highly concerned about the happenings in the foreign exchange market. Our discussions mainly focused on how to bring stability and enhance liquidity not only in the market but also in other markets, such as the parallel market.
He is particularly troubled by the implications for ordinary citizens, given that many local activities are still tied to parallel market exchange rates.
“We have deliberated extensively, and I have briefed him on the actions we are taking to improve supply. If you observe the official market, you will notice relative stability and minimal fluctuations in differences between rates.
“We believe that the changes in the parallel market are not solely driven by economic supply and demand but rather by speculative interests.
“While I cannot disclose specific plans or strategies at this point, it is crucial for speculators to exercise caution. The measures we are implementing may lead to substantial losses for them in the near future.
“My purpose here today is to address the President’s concerns and assure him that we are taking the necessary steps. I have offered him assurances, and I hope this provides some clarity.
We are actively working on implementing measures that will have a significant impact on the market within the next few days, and the results will be visible to all.
Our intention is to create a more efficient and reasonable environment without adversely affecting the average person’s livelihood,” Shonubi stated.