Categories: Business

CBN urges Nigerians to shun speculative activities as Forex demand rises

THE Central Bank of Nigeria (CBN) has advised Nigerians not to succumb to speculative activities of some players in the foreign exchange (Forex) market.

Mr Osita Nwanisobi, CBN’s Director, Corporate Communications CBN, gave the advice in a statement on Friday, against the backdrop of rising demand for foreign exchange for both goods and services.

Nwanisobi said that the CBN remained committed to resolving the foreign exchange issues confronting the nation, and had been working to manage both the demand and supply challenges.

He said that the apex bank was concerned about the international value of the Naira.

He said that the monetary authority was strategising to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector.

The director said that recent initiatives undertaken by the CBN, like the “RT200 FX’’ Programme and the ‘Naira4Dollar’ rebate scheme had helped to increase foreign exchange inflow.

He said that CBN’s records showed that foreign exchange inflow through the RT200 FX Programme in the first and second quarters of 2022 increased significantly to about 600 million dollars as at June.

“Similarly, the Naira4Dollar incentive also increased the volume of diaspora remittances during the first half of the year.

“There are also interventions such as 100 for 100 Policy on Production and Productivity, Anchor Borrowers’ Programme (ABP) and the Non-Oil Export Stimulation Facility (NESF).

“They are also geared toward diversifying the economy, enhancing inflow of foreign exchange, stimulating production and reducing foreign exchange demand pressure,’’ he said.

Nwanisobi observed that the current depreciation of the Naira was fuelled by speculative tendencies.

He said that the apex bank would continue to make deliberate effort in the foreign exchange sector to avert further downward slide in the value of the currency.

The director reiterated an earlier position of the CBN Governor, Mr Godwin Emefiele, who urged Nigerians to play their role by adjusting their consumption patterns.

He said that monetary policy alone could not bear all the burden of the expected adjustments needed to manage challenges around Nigeria’s foreign exchange.

“We should look inwards and find innovative solutions to the country’s challenges.

“It is our collective duty as Nigerians to shore up the value of the Naira,” he said.

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The PDP spokesman recalled how the opposition party had on various occasions alerted that the APC government had ceded sovereignty over a large portion of our country to terrorists, “many of whom were imported into our country by the APC.”

He further stated: “From the video, in a brazen manner, terrorists as non-state actors boldly showed their faces, boasting, admitting and confirming their participation in the Kuje Prison break, some of whom were former prison inmates who were either jailed or awaiting trial for their previous terrorism act against our country.

“Nigerians can equally recall the confession by the Governor of Kaduna State, Mallam Nasir el-Rufai that the APC government knows the plans and whereabouts of the terrorists but failed to act.

According to Ologunagba, about 18,000 Nigerians have been killed by terrorists between 2020 and 2022 “as the criminals continue to be emboldened by the failures and obvious complicity of the APC and to which the PDP had always drawn attention.”

“This is not politics; this is about humanity and leadership, which leadership sadly and unfortunately is missing in our country at this time,” he said.

The PDP added that it is appalled by “the lame response by the apparently helpless, clueless and deflated Buhari Presidency, wherein it told an agonizing nation that President Buhari “has done all and even more than what was expected of him as Commander in Chief by way of morale, material and equipment support to the military…”

“This is a direct admission of incapacity and failure by the Buhari Presidency and the APC. At such a time, in other climes, the President directly leads the charge and takes drastic measures to rescue and protect his citizens.

“In time of adversity, the President transmutes into Consoler-in-Chief to give hope and succour to the citizens. Painfully, Nigeria does not have a President who cares and can stand as Consoler-in-Chief to the citizens.

“It has now become very imperative for Nigerians to take note and realize that the only solution to this unfortunate situation is to hold the APC government accountable. We must come together as a people, irrespective of our political, ethnic and religious affiliations to resist the fascist-leaning tendencies of the APC administration.

Ologunagba called for an urgent meeting of the National Council of State to advise on the way to go over the nation’s worsening insecurity.

“Our nation must not fall. The resilient Nigerian spirit and ‘can-do- attitude’ must be rekindled by all to prevail on the President to immediately and without further delay, accede to the demand by the PDP and other well-meaning Nigerians to convene a special session of the National Council of State to find a lasting solution since the President has, in his own admission, come to his wit’s end,” the PDP spokesman declared.

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Chima Nwokoji

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