President Bola Tinubu of Nigeria has expressed concerns regarding the escalating exchange rate between the naira and the dollar, prompting a meeting with Folashodun Sonubi, the acting governor of the central bank. The purpose of their discussion was to explore strategies aimed at stabilizing the Nigerian currency and enhancing market liquidity. Following the meeting held at the State House Abuja, Mr. Shonubi addressed journalists, attributing the current exchange rate situation to speculators rather than pure economic supply and demand dynamics. He emphasized the president's deep concern about the matter and discussed plans to counter these challenges.
While the specifics of the strategies were not disclosed, Mr. Shonubi hinted that measures were being put in place to counter the speculative demands in the market. He warned that these upcoming actions could potentially lead to significant losses for speculators. The exchange rate situation has been troubling, with the naira recently reaching a record low of approximately N950 to a dollar on the parallel market, also known as the black market. As both leaders collaborate to address this pressing issue, Nigeria anticipates implementing targeted interventions to restore stability and counter the speculative forces impacting the exchange rate.
While the specifics of the strategies were not disclosed, Mr. Shonubi hinted that measures were being put in place to counter the speculative demands in the market. He warned that these upcoming actions could potentially lead to significant losses for speculators. The exchange rate situation has been troubling, with the naira recently reaching a record low of approximately N950 to a dollar on the parallel market, also known as the black market. As both leaders collaborate to address this pressing issue, Nigeria anticipates implementing targeted interventions to restore stability and counter the speculative forces impacting the exchange rate.