Nigeria’s Central Bank Says It Is Committed To Resolving Further Fall Of The Naira

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The Central Bank of Nigeria has reaffirmed its commitment to resolving the foreign exchange crisis currently rocking Nigeria.

The CBN disclosed this in response to Lawmakers’ summons about the falling Naira.

At the start of July 2022, the exchange at the parallel market was trading at N605/$. Compared to the current value of N720/$, the Naira has declined by a whopping 19% in one month.

Nigeria’s Central Bank Says It Is Committed To Resolving Further Fall Of The Naira

In response to the Lawmakers summon of the Governor of the Central Bank of Nigeria, Godwin Emefiele, over the “free fall of the naira”, the bank said, “The CBN 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.”

The bank said demand pressure was huge from manufacturers and individuals paying school and hospital fees abroad and that it was looking at ways to earn forex in the wake of dwindling oil proceeds.

The CBN stated that Nigeria needs to look inwards and adjust its consumption patterns, as one solution to the current challenge.