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LequteMan
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Nigeria - The Director of Monetary Policy Department of the Central Bank of Nigeria (CBN), Mr. Moses Tule, has stated that the naira was under pressure and is losing value because of currency speculators.
According to him, the speculators mounted pressure on the naira with a view to making excess gain from currency trading.
The naira has become volatile at the parallel market of recent, exchanging between N270 - N280 per dollar while it remains N196/dollar at the official market.
In a statement from the apex bank, Tule said the currency speculators were determined to put severe pressure on the monetary authorities expecting the CBN to buckle and further devalue the naira.
“We know what the fundamentals of the economy are and we will continue to take the right economic decisions on what to do and not when people sitting out there speculating on the currency think the naira should be devalued so that they could make profit out of it,” he said.
He added: “No country quotes its exchange rate with reference to the BDCs rates. The currency has a reference rate and that is the interbank exchange rate.”
He therefore, urged Nigerians to be more patriotic in their dealings rather than engage in activities capable of undermining the integrity and value of the naira.
The Nation
According to him, the speculators mounted pressure on the naira with a view to making excess gain from currency trading.
The naira has become volatile at the parallel market of recent, exchanging between N270 - N280 per dollar while it remains N196/dollar at the official market.
In a statement from the apex bank, Tule said the currency speculators were determined to put severe pressure on the monetary authorities expecting the CBN to buckle and further devalue the naira.
“We know what the fundamentals of the economy are and we will continue to take the right economic decisions on what to do and not when people sitting out there speculating on the currency think the naira should be devalued so that they could make profit out of it,” he said.
He added: “No country quotes its exchange rate with reference to the BDCs rates. The currency has a reference rate and that is the interbank exchange rate.”
He therefore, urged Nigerians to be more patriotic in their dealings rather than engage in activities capable of undermining the integrity and value of the naira.
The Nation
