Central Bank of Nigeria (CBN) has assured Nigerians that it is doing everything with it’s power stabilize the naira and keep it from falling further against the dollar.
This statement was made by CBN’s Director of Corporate Communications, Osita Nwanisobi, on Thursday in Abuja. He gave the advice in the face of rising demand for foreign exchange for both goods and services by Nigerians.
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Nwanisobi, reiterated that the CBN, would resolve the issues around the foreign exchange confronting the nation, as such the apex bank has been working to manage both the demand and supply side challenges.
According to him, there is huge demand pressure for foreign exchange to meet the needs of manufacturers and for the payment of tuition, medical fees and other Invisibles.
He added that the monetary authority is strategizing to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector.
Specifically, Nwanisobi said the recent initiatives undertaken by the bank such as the RT200 FX Programme and the Naira4Dollar rebate scheme have helped to increase foreign exchange inflow to the country.
Explaining further, the Communications Director, said the bank’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 as of June 2022.
The CBN spokesman disclosed that the Naira4Dollar incentive also increased the volume of diaspora remittances during the first half of the year.
He said interventions such as the 100 for 100 Policy on Production and Productivity, Anchor Borrowers’ Programme (ABP) and the Non-Oil Export Stimulation Facility (NESF), among others, were also geared toward diversifying the economy, enhancing the inflow of foreign exchange, stimulating production and reducing foreign exchange demand pressure.
Nwanisobi gave an assurance that the bank would continue to make a deliberate effort in the foreign exchange sector to avert a further downward slide in the value of the naira which he observed was fueled by speculative tendencies.
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Reiterating an earlier position of the CBN Governor, Mr Godwin Emefiele, he urged Nigerians to play their role by adjusting their consumption patterns, looking inwards and finding innovative solutions to the country’s challenges.
The CBN spokesman submitted that monetary policy alone could not bear all the burden of the expected adjustments needed to manage the challenges around Nigeria’s foreign exchange.
“It’s our collective duty as Nigerians to shore up the value of the naira,” he said.
