CBN promises to tackle forex pressure

Folashodun Shonubi, Acting Governor of the Central Bank of Nigeria, pledged to tackle the mounting exchange rate pressure as the naira witnessed a decline against the dollar.

BusinessDay reports that Shonubi made this commitment during a press interaction after the two-day Monetary Policy Committee in Abuja.

Within a week, the naira plummeted from 820/$ to 870/$ in the parallel market. The unified exchange rates in the country contributed to the ongoing depreciation of the naira, which coincided with surging inflation, increasing fuel expenses, and other economic hurdles.

“The market needs to find its level. There is pent-up demand which the market cannot cater to. Once we clear this demand, the volatility will normalise. We have started intervening, and we would continue to intervene until the market gets to our level,” Shonubi said.