The Central Bank of Nigeria (CBN) has assured Nigerians that it would continue to make deliberate efforts in the foreign exchange sector to avert a further downward slide in the value of the Naira.
The Director, of Corporate Communications at the CBN, Mr. Osita Nwanisobi, said this on Thursday.
The devaluation of the Nigerian currency, according to him, is fuelled by speculative tendencies.
The Spokesperson reiterated that the CBN Governor, Mr. Godwin Emefiele, has urged Nigerians to play their role by adjusting their consumption patterns, looking inwards, and finding innovative solutions to the country’s challenges.
He added that recent initiatives undertaken by the CBN Bank such as the RT200 FX Programme and the Naira4Dollar rebate scheme had helped to increase foreign exchange inflow to the country.”
He 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.
Mr. Nwanisobi emphasised that the apex 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.