Obinna Chima and Nume Ekeghe
In the face of rising demand for foreign exchange (FX) for both goods and services by Nigerians, the Central Bank of Nigeria (CBN) has advised Nigerians to resist the urge of succumbing to the speculative activities of some players in the foreign exchange market.
The Director, Corporate Communications at the CBN, Mr. Osita Nwanisobi, in a statement, explained that the central bank remained committed to resolving the FX issues confronting the nation and as such had been working to manage both the demand and supply side challenges.
This is also coming as the parallel market pressures eased yesterday with the naira selling at N715 against N720 which it sold on Thursday having crossed the N700 mark on Wednesday.
However, while admitting that there was huge demand pressure for FX to meet the needs of manufacturers as well as those for the payment of tuition, medical fees and other invisibles, Nwanisobi said the bank was…
Source: Thisday Newspaper
