Tuesday, August 9, 2022

We’re tackling forex scarcity, naira slide – CBN

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Rayyan Alhassanhttps://dailynigerian.com/author/rayyan/
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or www.facebook.com/RayyanAlhassan, or @Rayyan88 on Twitter.
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The Central Bank of Nigeria, CBN, has assured Nigerians that it was tackling the forex scarcity, even as it advised against succumbing to the speculative activities of some players in the exchange market.

The Director, Corporate Communications at the CBN, Osita Nwanisobi, while speaking with journalists on Friday in Abuja, said the apex bank remained committed to resolving the foreign exchange issues confronting the nation and as such has been working to manage both the demand and supply side challenges.

Mr Nwanisobi said the Bank was concerned about the international value of the naira, adding that the monetary authority was strategizing to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector.

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Specifically, he noted that recent initiatives undertaken by the Bank such as the RT200 FX Programme and the Naira4Dollar rebate scheme had helped to increase foreign exchange inflow to the country.

According to him, 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 US$600 million as at June 2022.

“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).

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

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

He said that the apex bank would continue to make a 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, Godwin Emefiele, who urged Nigerians to play their role by adjusting their consumption patterns.

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