President Bola Tinubu summons the CBN Acting Governor over increase in dollar rate

President Bola Tinubu, on Monday, summoned the Acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, seeking for solution.

Apparently rattled by the volatility in the foreign exchange market, which has seen N950 exchanging for $1 on the parallel market

Earlier Today, After the CBN Governor had a meeting with President Bola Ahmed Tinubu, The acting Governor of the CBN rolls our plans to stabilize the Forex Exchange Market.

Mr president was very concerned about some of the going on in The foreign exchange market.

He said one of the things we discussed were what could be done to stabilize and what could be done to improve the liquidity in market and also the goings on the various other in the parallel market

He’s concerned about it impact on the average person since unfortunately a lot of activities that we do which are purely local and are still reference to exchanged rate in the parallel market.

we have discussed and have shared with him what we are doing to improve supply if you look at the official market you will find out that market has been fairly stable and the spread of the difference have not fluctuated as much we do not believe that the changing going on in the parallel market are driven by pure economic demand and supply but are top by a speculative demand from people.” Shonubi said.

Some of the plan and strategy which are not a liberty to share with you means sooner rather than later.

He further said the speculator should be careful because we believe the things we were doing when they come to fusion may result in significant looses to them

But my presence here is more about the concerns the president has and his need to know that we are doing something about it and assurances of it which have given him totally

So I hope this helps and we’re looking at it and doing things which will significantly impact the market in a few days time and we will all sit. The intention is to all sit to ensure the environment operate at a level that my 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.