CBN admits forex supply issues creating exchange rate volatility

Acting CBN Governor Fola Shonubi admitted on Tuesday that supply-demand imbalances are fuelling current volatility in Nigeria’s exchange rates.

In a press briefing following the Monetary Policy Committee meeting, Shonubi affirmed that the Central Bank of Nigeria (CBN) has no plans to unify rates, but is rather focused on fostering a more effective and efficient market.

In a reflection on the Monetary Policy Committee meeting held earlier today, Shonubi said,