How speculators undermine efforts to sustain naira stability

have drastically reduced food importation, which hitherto constituted a large chunk of the pressure on the Foreign exchange market.

There is no gainsaying the fact that naira is currently facing its greatest risk from the negative impact of COVID-19 pandemic, as currency speculators continue to make spurious demand for dollar with hope to make good returns from the rising gaps between official and parallel market rates The CBN’s Governor, Godwin Emefiele and President, Association of Bureaux De Change Operators of Nigeria , Alhaji Aminu Gwadabe have in recent times, analysed the illicit business of currency speculations and its threats to the economy and naira stability.

Both Emefiele and Gwadabe have huge experiences in the market to predict what follows after every major crisis. Emefiele has warned firms and individuals against patronising the parallel market popularly called the black market. Going further, he said, “We are taking note of some of you and I can tell you, go ahead and do your business, nothing will stop your forward, your forward will be at a committed price, we are going to provide more liquidity in the market so that people can stop going to the parallel market. Don’t go there because it is not good for you. But be patient, it’s going to be orderly’’.

He said the naira has been exchanging at N461 to the dollar at the parallel market but will be upbeat once dollar sales to BDCs commence. Aside from positive developments in the global economy, the CBN has taken action to address the risks facing the naira, which will lead to rapid recovery for the local currency.

Gwadabe also added that the OPEC measures on sustainable price stability are commendable as many governments across the world have agreed to oil production adjustment targets and continued collaboration with all their partners, a move that will benefit Nigeria. “We are also updating all regulatory obligations during the lockdown, fumigation of members offices/markets, distribution of second phase of face mask nationwide to our members. There is also the provision of wash hand basins, sanitizers at our distributions centres while members are to explore school fees, mortgage, subscription payments as one of their allowable scopes during post-COVID-19,” he said.

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