The Central Bank of Nigeria (CBN) is set to introduce strategic measures aimed at bolstering liquidity within the foreign exchange market in the coming days, according to an announcement made by the Acting Governor of the CBN, Folashodun Shonubi. This decision underscores the apex bank’s commitment to fostering stability and confidence in the Nigerian economy.
Addressing reporters at a press briefing held in Abuja earlier today, Acting Governor Shonubi emphasized the significance of maintaining a balanced and stable foreign exchange market. He indicated that the CBN has been actively monitoring the dynamics of the foreign exchange landscape and is prepared to take decisive actions to ensure liquidity and curb excessive fluctuations.
As part of its strategic approach, the CBN will deploy a combination of monetary and fiscal measures to enhance the liquidity of the foreign exchange market. The central bank will work collaboratively with relevant stakeholders, including financial institutions and regulatory bodies, to implement these measures effectively.
The announcement comes amid concerns about the recent volatility of the Nigerian Naira and its implications for various sectors of the economy. By proactively addressing these concerns, the CBN aims to provide a conducive environment for economic growth and investment, while also safeguarding the purchasing power of Nigerian citizens.
Market analysts have responded positively to the news, expressing optimism about the potential positive impact on the foreign exchange market and the broader economy. Stakeholders and businesses are eagerly awaiting further details on the specific measures to be implemented by the CBN.
The Acting Governor assured that the central bank remains committed to transparency, effective communication, and collaboration with key stakeholders as it takes steps to enhance foreign exchange liquidity. The upcoming measures are expected to reinforce the CBN’s role as a key driver of financial stability and economic resilience in Nigeria.
The press briefing:
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The @cenbank plans new measures to stabilize the foreign exchange market. pic.twitter.com/J5IMOINtJB— NTA News (@NTANewsNow) August 14, 2023
