Business

CBN To Clamp Down On Forex Speculators Soon

Signs point towards the Central Bank of Nigeria (CBN) preparing to take decisive action against forex speculators in the near future. This move could potentially lead to a significant drop in the value of the dollar compared to the naira.

Presently, on the parallel market, the exchange rate between the dollar and the naira is approximately N950 to US$1. This situation has raised concerns among industry experts and participants, as it may contribute to a potential rise in fuel pump prices.

Briefing State House correspondents on his interface with the President, the CBN boss said: “Mr President is very, very concerned about some of the goings-on in the foreign exchange market. One of the things we discussed was what could be done to stabilise the market, what could be done to improve the liquidity in the market, and also the goings-on in the various other markets, including the parallel market.

“He is concerned about its impact on the average person, since, unfortunately, a lot of activities that we do, which are purely local, are still referenced to the exchange rates in the parallel markets. We have discussed and shared with him what we’re doing to improve supply. If you look at the official market, you will find that that market has been fairly stable, and the spreads of the difference have not fluctuated as much.

“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 that I’m not at liberty to share with you mean that sooner rather than later, the speculators should be careful because we believe the things we’re doing when they come to fruition may result in significant losses to them.”

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