The Central Bank of Nigeria (CBN) will soon come up with stringent measures to stabilise multiple exchange rate in the country.
The CBN Acting Governor, Mr Folashodun Shonubi, disclosed this to State House Correspondents after a meeting with President Bola Tinubu on Monday in Abuja.
Shonubi said that this followed the negative effect on the economy by the noncompliance of operators of the forex market to the harmonisation of rates since its introduction.
He said that the President was concerned about the negative impact of the current exchange rate by the operators.
According to him, the bank will in a few days take measures to make the operators in the exchange market comply with directives on the trading of forex.
The News Agency of Nigeria (NAN) reports that speculative activities in the forex market has led to high prices which was not impacting positively on the economy.
In his inaugural speech on May 29, Tinubu said CBN would work towards a unified exchange rate in order to reduce the nation’s Monetary Interest Rate, currently at 18.5 per cent and ensure a single exchange rate.
NAN
