By John Ikani
Amid the embarrassing slump in the value of Naira, the Central Bank of Nigeria (CBN) says it is only concerned about boosting the supply of dollars in the currency market.
Director of Monetary Policy, Hassan Mahmud made this known on Tuesday during a virtual investor conference.
According to him: “We are not really bothered much about valuation. What we are worried about is the supply side and the confidence in the system.”
He added that the level of the currency is expected to adjust based on demand, but that market failure had made the bank adopt a managed float regime.
The apex bank has initiated numerous measures to curtail a dollar supply problem, including ordering banks to publish on their websites, the names and Bank Verification Numbers (BVN) of customers who participate in fraudulent and unscrupulous tactics to obtain foreign exchange from banks.
It has also warned that customers who do not comply with the new foreign exchange policy may face criminal prosecution.