Folashodun Shonubi, the acting governor of the central bank, met with Tinubu after the bank on Friday disclosed a $19 billion commitment in derivatives for 2022, which is almost the same amount as the nation’s reserves.
After meeting with President Bola Tinubu to discuss ways to increase dollar liquidity on the official market, Nigeria’s acting governor announced on Monday that the central bank plans to take actions that will have an impact on currency markets in the coming days.
The acting governor claims that the apex bank has developed a future policy that will eliminate differences between official and black market rates. As demand continued to outpace supply, the black market pricing dropped as low as N950 to $1 last week. The official exchange rate was often N765 to 1 USD.
