President Bola Tinubu has directed the Central Bank of Nigeria (CBN) to implement strict monetary policies that will stabilize the naira and improve Nigeria's economy.
The acting Central Bank governor, Folashodun Shonubi, announced this on Monday after receiving directives from the president.
Shonubi, who did not reveal the specific measures the CBN will take, stressed that currency speculators will lose significant amounts of funds when the measures are in place.
The acting CBN governor added that supply will be improved in the coming days to help stabilize the foreign exchange market.
"Mr. President is very very concerned about some of the goings on in the foreign exchange market,” he said.
“We have discussed and shared with him what we're doing to improve supply. If you look at the official market, you will find that that market has been fairly stable and the spreads of the difference have not fluctuated as much,” he added.
“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.
“Some of the plans and strategies which I'm not at liberty to share with you, mean sooner rather than later, the speculators should be careful because we believe the things we're doing when they come to fruition may result in significant losses to them.
Further details of the new policy will be announced by the CBN.
