The Central Bank of Nigeria, in her response to Lawmakers’ summons about the continuous fall of the Naira, restated her commitment to fixing the foreign exchange problem that the country is currently facing.
In the response to the summon of the apex bank’s Governor, Godwin Emefiele, the bank stated that, “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.”
Whereas, the exchange at the parallel market at the start of July 2022, was trading at N605/$. The Naira has since fallen by 19% in one month, bringing the current value to N720/$.
The Central Bank explained that demand pressure on forex from manufacturers and individuals paying school and hospital fees abroad is huge and that it was exploring ways to earn forex in the aftermath of the dwindling oil revenue.
The CBN also stated that as a way to resolve the crisis, Nigerian needs to introspect and adjust its consumption patterns.