• About
  • Advertise
  • Contact
Friday, October 10, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

Tinubu Approves CBN’s Plans To Address FOREX Market Volatility

Vital News by Vital News
August 14, 2023
in Economy, News
0
Kaduna, Kogi, Zamfara Drag FG To Supreme Court Over Naira Redesign Policy
Share on FacebookShare on Twitter

 

Abuja – Deeply concerned about recent developments in the foreign exchange market, President Bola Tinubu has approved measures to stabilise and enhance liquidity in the market, including the parallel market.

The Acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, who disclosed this to journalists at the Presidential Villa, Abuja, after meeting with President Tinubu, also noted that the activities being witnessed at the parallel market are being driven by speculative demands.

He said the President expressed worry over the impact on the average person, especially as all local economic activities are still influenced by parallel market exchange rates.

He warned that government will come hard on those involved in speculation in the foreign exchange market, including the parallel market.

RelatedStories

President Tinubu Mourns Dr Christopher Kolade, Describes Him As A Man Of Unimpeachable Integrity

Nigeria, Qatar Strengthen Partnership Against Illicit Drug Trafficking

Governor Ododo Bags Another National Honour In Education

BACSAAN President Urges Artisans To Obtain Voter Cards In Readiness For 2027 Elections

He advised foreign exchange market speculators to be wary of their negative activities, revealing that they (speculators) are bound to suffer huge losses when government activates its planned strategies.

“Mr President is very concerned about some of the goings on in the foreign exchange market.

“One of the things we discussed is what could be done to stabilize and what could be done to improve the liquidity in the market and also the goings on in the various other markets, including the parallel market.

“He’s concerned about its impact on the average person, since, unfortunately, a lot of activities that we do, which are purely local, are still referenced to exchange rates in the parallel market.

“We’ve discussed and I’ve shared with him what we’re doing to improve supply. If you look at the official market, you’ll find that that market has been fairly stable and the spreads of the difference have 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.

“Some of the plans and strategies, which I’m not at liberty to share with you, means 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.

“But my presence here is more about the concerns the President has and his needs to know that we are doing something about it, assurances of which I have given him totally.

“So, I hope this helps. We are looking at it and we’re doing things which will significantly impact the market in a few days time and we will all see it.

“The intention is to ensure the environment operates at a level that’s more efficient, but also that is also very reasonable and does not have a negative impact to the best that we can on the lives of the average person,” Shonubi said. (The Nation /vitalnewsngr.com)

 

Tags: CBNforexPlansspeculators
Previous Post

Mrs Abiodun Says Comments Attributed To Her On State Of Economy False, Malicious, Baseless

Next Post

Abiodun Approves Appointment Of Chief Press Secretary

Vital News

Vital News

RelatedStories

President Tinubu Mourns Dr Christopher Kolade, Describes Him As A Man Of Unimpeachable Integrity
Culture

President Tinubu Mourns Dr Christopher Kolade, Describes Him As A Man Of Unimpeachable Integrity

October 9, 2025
Nigeria, Qatar Strengthen Partnership Against Illicit Drug Trafficking
Crime

Nigeria, Qatar Strengthen Partnership Against Illicit Drug Trafficking

October 9, 2025
Kogi @34 : Let Us Chart A brighter Course For Our Collective Future, Ododo Charges Indigenes
Education

Governor Ododo Bags Another National Honour In Education

October 9, 2025
News

BACSAAN President Urges Artisans To Obtain Voter Cards In Readiness For 2027 Elections

October 9, 2025
National Council Of State Unanimously Approve Kogi Born Professor Amupitan As New INEC Chairman
National

National Council Of State Unanimously Approve Kogi Born Professor Amupitan As New INEC Chairman

October 9, 2025
Next Post
Abiodun Approves Appointment Of Chief Press Secretary

Abiodun Approves Appointment Of Chief Press Secretary

Dino Melaye Will Revive Ajaokuta Steel Company When He Becomes Governor – Team

Kogi Guber Poll : I Will Review Sack of State, LG Workers, Dino Melaye Promises

Nigeria’s Inflation Rate Hits 24.08pct

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Kogi To Partner Police Trust Fund To Provide Barracks, Logistics For Police Officers In Kogi

Kogi To Partner Police Trust Fund To Provide Barracks, Logistics For Police Officers In Kogi

1 year ago

Nigerian Student Killed In US By Propeller Of Plane

3 years ago
Gates Foundation Commits $200mln To Family Planning, Maternal, Child Mortality

Gates Foundation Commits $200mln To Family Planning, Maternal, Child Mortality

2 years ago
Vandals Shut Down Lokoja – Gwagwalada Electricity Transmission Line

How Vandals Destroyed 18 Transmission Towers In Rivers, Abuja, Kano – TCN

9 months ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Governor Ododo Bags Another National Honour In Education

BACSAAN President Urges Artisans To Obtain Voter Cards In Readiness For 2027 Elections

National Council Of State Unanimously Approve Kogi Born Professor Amupitan As New INEC Chairman

Broadcaster, Diplomat, Elder Statesman, Dr Christopher Kolade Dies At 92

Son Of Kogi Traditional Ruler, One Other, Arrested For Supplying Cannabis, Hard Drugs To Bandits

Akinlalu Killings : Police Seal Amotekun Operation Bases, Arrest 5 Operatives

Trending

Police Arraign Ekiti Woman For Reneging On Marriage Promise After Collecting N607,500 From Suitor
Gender

Kogi Man Sentenced To Life Imprisonment For Rape

by Vital News
October 9, 2025
0

A Kogi State High Court sitting at Anyigba has sentenced one Husseini Mustapha for the offence of...

President Tinubu Mourns Dr Christopher Kolade, Describes Him As A Man Of Unimpeachable Integrity

President Tinubu Mourns Dr Christopher Kolade, Describes Him As A Man Of Unimpeachable Integrity

October 9, 2025
Nigeria, Qatar Strengthen Partnership Against Illicit Drug Trafficking

Nigeria, Qatar Strengthen Partnership Against Illicit Drug Trafficking

October 9, 2025
Kogi @34 : Let Us Chart A brighter Course For Our Collective Future, Ododo Charges Indigenes

Governor Ododo Bags Another National Honour In Education

October 9, 2025

BACSAAN President Urges Artisans To Obtain Voter Cards In Readiness For 2027 Elections

October 9, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Kogi Man Sentenced To Life Imprisonment For Rape October 9, 2025
  • President Tinubu Mourns Dr Christopher Kolade, Describes Him As A Man Of Unimpeachable Integrity October 9, 2025
  • Nigeria, Qatar Strengthen Partnership Against Illicit Drug Trafficking October 9, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In