CBN clamps down on speculators, restricts diaspora remittances
Written by Joey Shekwonuzhibo on August 15, 2023
The Central Bank of Nigeria has started introducing foreign exchange intervention measures aimed at clamping down on currency speculators in the foreign exchange markets.
Acting Governor of the CBN, Folashodun Shonubi, made the disclosure to State House correspondents on Monday at the Presidential Villa after briefing President Bola Tinubu on what the bank was doing to halt the slide of the naira.
He said Tinubu expressed his concern over the effects of the recent developments in the foreign exchange market, particularly on average citizens.
According to Shonubi, the volatility of the naira in the parallel market is not solely driven by economic factors, but also speculative demand.
The apex bank governor said while he would not disclose specific details of the proposed intervention measures, he warned speculators that the proposed measures could potentially lead to significant losses for them.
He expressed confidence that the measures being implemented would yield positive outcomes within a few days