The acting Governor of the Central Bank of Nigeria (CBN), Folashodun Adebisi Shonubi, has issued a cautionary message to operators in the parallel market, suggesting that they should be cautious as their activities could lead to significant losses.
Shonubi made these remarks during a meeting with the press on August 14, shortly after a meeting with President Bola Ahmed Tinubu at the Presidential villa in Abuja. He highlighted the changes in the parallel market and indicated that these changes are not solely driven by economic demand and supply dynamics but are influenced by speculative behavior.
He stated, “If you look at the official market, you will find that the market has been fairly stable and the spreads of the difference are not fluctuated as much. We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply but are topped by speculative demand from people.”
Shonubi revealed that the CBN has plans and strategies in place to address the situation, and he warned speculators that these efforts could result in significant losses for them in the future.
The acting CBN Governor shared that President Tinubu expressed concerns about the foreign exchange market and its impact on liquidity and stability. Shonubi assured the President that the CBN is taking measures to improve the supply of foreign exchange and stabilize the market.
He concluded by emphasizing that the CBN’s actions aim to create an efficient and reasonable operating environment that benefits the average person while minimizing negative impacts.