The Nation Newspaper Forex crisis: Fed Govt to inject $10b in weeks
The Federal Government is taking steps to inject $10billion into the nation’s foreign exchange market to clear outstanding obligations on forward contracts. They are also to boost our foreign reserves.
Tinubu asked rhetorically: “Where do you expect a civil servant to have N3 million or N5 million for housing without corruption? If you don’t change and plan the welfare of your judiciary and you ask them to be fair, render justice with mercy, with a hungry stomach? he queried. ”I am confident that by working closely with all of you in the private sector, financing our $3 trillion National Infrastructure Stock can be achieved in 10 years and not in 300 years.
There will be strict enforcement and rules in place to prevent unauthorized activities and fluctuations in exchange rates caused by individual transactions, with the expected outcome resulting in more liquidity, culminating in stable foreign exchange market. He said there will be strict enforcement of these regulations, saying any unauthorized, or unregulated foreign exchange transactions will be considered a criminal offense and will be subject to robust follow-up and potential legal consequences.
“Mr. President had announced that he has taken measures to deal with the illiquidity in the foreign exchange market, which we know is very problematic at this time. The market is illiquid, it’s not functioning properly because there is not enough supply of foreign exchange and there are various reasons for that.
He said difficult decisions have been made, and now the focus of the CBN is on managing the market to make it more predictable and accessible for everyone.
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