CBN set to take new measures to stabilise naira against dollar

In a bid to address the free fall of naira, the Central Bank of Nigeria (CBN) is set to take new measures to stabilise the currency against the dollar.

The acting governor of the CBN, Folashodun Shonubi disclosed this to journalists on Monday, August 14, 2023, after meeting with President Bola Tinubu in Abuja.

Shonubi said the President is worried about the fall of the naira against the dollar.

The CBN boss said the government will go hard on those involved in dishonest undertaking in the foreign exchange market, including the parallel market.

He said he has discussed what could be done to stabilize the naira with the president.

He explained that the changes in parallel market are not dictated by demands but by speculative attitude.

He said once the government activates its strategies, the speculators would incur huge losses.