{"id":1162510,"date":"2022-07-30T18:03:54","date_gmt":"2022-07-30T18:03:54","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/07\/30\/nigerians-must-avoid-fx-speculators-to-save-naira-says-cbn\/"},"modified":"2022-07-30T18:03:54","modified_gmt":"2022-07-30T18:03:54","slug":"nigerians-must-avoid-fx-speculators-to-save-naira-says-cbn","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/07\/30\/nigerians-must-avoid-fx-speculators-to-save-naira-says-cbn\/","title":{"rendered":"Nigerians Must Avoid FX Speculators To Save Naira, Says CBN"},"content":{"rendered":"

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Central Bank of Nigeria<\/figcaption><\/figure>\n

The Central Bank of Nigeria (CBN) has stated that Nigerians must avoid dealing with speculators in the foreign exchange (FX) market to save the naira from further decline.<\/p>\n

Osita Nwanisobi, director of the apex bank\u2019s corporate communications, said this in a statement on Friday.<\/p>\n

The statement comes a few hours after some operatives of the Economic and Financial Crimes Commission (EFCC) raided Wuse Zone 4, Federal Capital Territory, Abuja, over allegations that some Bureaux De Change (BDC) operators are mopping up foreign currencies.<\/p>\n

In the last few weeks, the naira has experienced further devaluation, dropping from about N580 to N707 per dollar at the parallel section of the foreign exchange market.<\/p>\n

Nwanisobi blamed the current depreciation of the naira on \u201cspeculative tendencies.\u201d<\/p>\n

Also Read: Naira Crashes To N707\/$ As Senate Summons Emefiele<\/strong><\/p>\n

He added that CBN would continue to make deliberate efforts in the FX sector to avoid further downward slides in the value of the naira.<\/p>\n

\u201cSimilarly, the Naira4Dollar incentive also increased the volume of diaspora remittances during the first half of the year,\u201d he said.<\/p>\n

\u201cThere are also interventions such as 100 for 100 Policy on Production and Productivity, Anchor Borrowers\u2019 Programme (ABP) and the Non-Oil Export Stimulation Facility (NESF).<\/p>\n

\u201cThey are also geared toward diversifying the economy, enhancing the inflow of foreign exchange, stimulating production and reducing foreign exchange demand pressure.<\/p>\n

\u201cWe should look inwards and find innovative solutions to the country\u2019s challenges.<\/p>\n

\u201cIt is our collective duty as Nigerians to shore up the value of the Naira.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Central Bank of Nigeria The Central Bank of Nigeria (CBN) has stated that Nigerians must avoid dealing with speculators in the foreign exchange (FX) market to save the naira from further decline. Osita Nwanisobi, director of the apex bank\u2019s corporate communications, said this in a statement on Friday. The statement comes a few hours after […]<\/p>\n","protected":false},"author":1,"featured_media":1162512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3888],"tags":[],"class_list":["post-1162510","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1162510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1162510"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1162510\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1162510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1162510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1162510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}