The Central Bank of Nigeria (CBN) has warned foreign exchange speculators of severe consequences as the federal government rolls out stringent measures.
The acting governor of CBN Mr Folashodun Shonubi gave the warning Monday while briefing State House correspondents after a meeting with President Bola Ahmed Tinubu.
He said speculators were responsible for the current fluctuations in the parallel market.
He said when the government takes action against the speculators; they will incur losses as a result of their unpatriotic acts.
“We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply but are topped by speculative demand from people.
“Some of the plans and strategies we have, which I am not at liberty to share with you, mean sooner rather than later, the speculators should be careful because we believe the things we are doing, when they come to fruition may result in significant losses to them,” he said.
He said President Tinubu was very concerned about the situation and what the Central Bank is doing to improve it.
“My presence here is more about the concerns the President has and his need to know that we are doing something about it; assurances of which I have given him totally,” he said.
He also said the CBN is looking at the situation and is already taking steps that would significantly impact the market very soon so as to impact the lives of average Nigeirans.
Naira has suffered downward fluctuations at the foreign exchange market, losing its value drastically but the government is determined to correct the animally.
