NewStats: 3,265,496 , 8,186,983 topics. Date: Sunday, 15 June 2025 at 11:11 AM 4t5h3w

With an escalating demand for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria (CBN) has assured that it would continue to make deliberate efforts in the foreign exchange sector to avert further downward slide in the value of the naira, which it said was fuelled by speculative tendencies.

The Director, Corporate Communications at the CBN, Mr. Osita Nwanisobi, yesterday, advised the public to resist the urge of succumbing to the speculative activities of some players in the foreign exchange market.

Reiterating an earlier position of the CBN Governor, Mr. Godwin Emefiele, he urged Nigerians to play their role by adjusting their consumption patterns, looking inwards and finding innovative solutions to the country’s challenges.

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 and onished,: “It’s our collective duty as Nigerians to shore up the value of the Naira”.

According to him, the CBN remained committed to resolving the foreign exchange issues confronting the nation and as such has been working to manage both the demand and supply side challenges.

The spokesman said 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.”

According to him, the bank’s records showed that foreign exchange inflow through the RT200 FX Programme in the first and second quarters of 2022 increased significantly to $600 million as at June 2022.

Similarly, he disclosed that the Naira4Dollar incentive also increased the volume of Diaspora remittances during the first half of the year.

Continuing, Mr. Nwanisobi said “interventions such as 100 for 100 Policy on Production and Productivity, Anchor Borrowers’ Programme (ABP) and the Non-Oil Export Stimulation Facility (NESF), among others, were also geared towards diversifying the economy, enhancing inflow of foreign exchange, Stimulating production and reducing foreign exchange demand pressure.”

While itting that there was huge demand pressure for foreign exchange to meet the needs of manufacturers, as well as, those for the payment of tuition, medical fees and other invisibles, Mr. Nwanisobi said the 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.

https://www.vanguardngr.com/2022/07/were-working-to-avert-further-naira-fall-cbn/

Stvpid



Totilopussylick you are late to FTC

Ignoramus people

Please call Tinubu to the working committee.
In fact make Buhari Chiarman of the committee.

Werey dey disguise

Naira will still slide further
If you read the above report, you will discover that the blame was technically taken away from the CBN and gently transfered to the ordinary Nigerians, the report claimed that CBN has done all that it could do to strengthen the Naira but Nigerians behaviour is causing CBN problem!
The above report is similar to Buhari's statement that he has done all he could do about security and there is nothing more he can do

Foolish clueless bastards in power.

Don't tell us u are working, let ur work speak for itself u fucking mo.rons.... U weren't working wen dollar gained over 100naira in weeks

Folks, get ready for an exchange rate of 1,000 Naira to $1. They will soon introduce 5,000 Naira bill (note) . Next year's inflation rate could reach 25-27%, especially if one of the axis of evil is voted into office.

Shameless fool

Lol.... they're literally gaining massively from it....

He's doing nothing to stop it....


These folks are taking Nigerians for a fool...

Like Peter Obi pointed out... We don't have any business using dollars in Nigeria... The reason why we get worried is because, we tend to trade more with foreign currency in Nigeria than trade with the local currency.....

The excess money being stolen by politicians is flowing into the economy to seek dollars and destroying the naira in the process.

The CBN knows this but will rather pretend like they are not a major enabler of the problem.

Plumbers... Keep working!

Continue working sir. All I know is that you guys will not spend up to a year in that seat.
Wicked people

Have you been sleeping all along ?

Lies

Some tech guys who earn in USD said the fall is no longer funny because their earning power increased but their buying power reduced because of sky rocketing inflation.

So gone are the days you're happy to earn in USD, those days are over.

In 2014, a developer earning 133,000 per month equals NGN1,000,000 per month in 2022.
In 2022, a developer earning 3,000,000 per month equals NGN399,000 per month in 2014.

So in essence nothing changed, earning power increased but buying power reduced.

LEGEND
$1 = NGN174 in 2014;
$1 = NGN710 in 2022

SHARRAP!

[img]https://giffiles./216/216347.gif[/img]

As long as Buhari keeps setting the exchange rate, the Naira as well as the economy will remain doomed.

Terrible CBN Governor

Fools....I have never seen a government like dis. Even d south east is now peaceful

Lies. When it was $1 to #400 you could not do anything about it. Now #710 and you want to do something? You all need serious beating.

Oyyana ,, but na today ?



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Yeah. Better do. Stop selling dollars to your bosses.

Is Buhari aware of this your working?

When emefiele was to make policies that would stabilize the naira, he was busy campaining to become the president.


Bihiri cometh not but to Kill, Steal and Destroy Nigeria.

Instead of working for Naira not to fall any further, you guys should also start working on how to increase minimum wage.

People earn less in this country, its not always about what our currency stands against the dollar.

If people earns well, exchange rate wouldn't be a problem.

Satanwin emefiele is one of the useless person in this country. He has nothing to offer.

How about taking it back to where it was before 2015

U haven't resign?

Hmmm...
Story!
Failure is the second name of this istration, probably its first name!
That's why we are...
OBIdiently YUSUFul!!