- Promises more liquidity
Governor of the Central Bank of Nigeria, Godwin Emefiele, has warned of the dangers of sourcing foreign exchange in the unregulated black market, assuring them of possible loss of funds.
Emefiele, who disclosed that the accounts were being monitored, appealed to Nigerian businessmen and elite, via a virtual meeting, that going to the unregulated market was unrealistic and would be overheating the market.
He said, “I know some of you are involved; stop now. By going to the parallel market, you are helping to overheat the market. Not only that, you will lose money because you would have bought it at a price that is not realistic.”
According to him, the central bank knows what they need and is making efforts to ensure that the market is provided with more liquidity to discourage patronising the parallel market.
“I can tell you that you are going to lose money. But we have seen your accounts already. We are appealing to you; please stop and let’s do what is right, what is legal, so that Nigeria can continue to be a good place for you and I to live in.
“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 is going to be orderly,” he added.
With increasing demand for dollars juxtaposed against inadequate supply, the naira is under pressure, which is detrimental to the economy.