The Central Bank of Nigeria (CBN) has advised foreign exchange (Forex) buyers to not succumb to speculators.
CBN told them to resist the urge of agreeing to the speculative activities of some players in the foreign exchange market to save the naira.
The naira is currently under pressure in the parallel market, where speculators have pushed it to around N700/$1.
According to an EFCC source familiar with the development, the anti-graft agency invaded places occupied by the operators to arrest currency speculators who were alleged to be massively mopping up available foreign currencies.
CBN Director, Corporate Communications, Osita Nwanisobi, yesterday, said the apex bank 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.
Nairobi admitted 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 invisible.
He also 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.
Specifically, he noted that recent initiatives undertaken by the Bank such as the RT200 FX Programme and the Naira4Dollar rebate scheme had helped to increase foreign exchange inflow to the country.
