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CBN set to Crackdown on Forex Speculators

by Thomasina Oseye
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CBN set to Crackdown on Forex Speculators

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The Central Bank of Nigeria (CBN) is taking action to address the decline in the value of the naira against the dollar.

The acting governor of the CBN, Folashodun Shonubi, announced that intervention measures will be implemented in the coming days to reverse the slide of the naira.

Shonubi emphasized that the government will crack down on underhand activities in the foreign exchange market, including the parallel market.

The president is concerned about the impact of these developments on the average person and discussed strategies to stabilize the naira with Shonubi.

The CBN governor stated that the changes in the parallel market are driven by speculative demand rather than economic factors, and warned that speculators will face significant losses when the government’s strategies are activated.

The CBN is working to improve supply and ensure a more efficient and reasonable operating environment for the currency.

This article was updated 3 months ago

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