In the face of rising demand for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria has advised Nigerians to resist the urge of succumbing to the speculative activities of some players in the foreign exchange market.
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. 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 FX inflow to the country.
Continuing, he said interventions such as 100 for 100 Policy on Production and Productivity, Anchor Borrowers’ Programme and the Non-Oil Export Stimulation Facility , among others, were also geared towards diversifying the economy, enhancing inflow of FX, stimulating production and reducing foreign exchange demand pressure.