{"id":281200,"date":"2023-07-26T11:03:50","date_gmt":"2023-07-26T10:03:50","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=281200"},"modified":"2023-07-26T11:04:23","modified_gmt":"2023-07-26T10:04:23","slug":"volatility-in-fx-market-to-moderate-soon-cbn-tells-nigerians","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/07\/26\/volatility-in-fx-market-to-moderate-soon-cbn-tells-nigerians\/","title":{"rendered":"Volatility in FX market to moderate soon, CBN tells Nigerians"},"content":{"rendered":"<ul>\n<li><strong><span class=\"acssf62a8\">Monetary Policy Committee (MPC) meeting<\/span><\/strong><\/li>\n<\/ul>\n<p>Acting governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi has disclosed that the &#8216;volatile times&#8221; in the foreign exchange (FX) market would soon moderate.<\/p>\n<p>This was made known on Tuesday by Shonobi while addressing journalists after<span class=\"acssf62a8\"> the monetary policy committee (MPC) meeting in Abuja.<\/span><\/p>\n<p>This is the first time the apex bank is expressing concerns about the continued fluctuations in FX rates since it announced the\u00a0unification of all segments of the FX market.<\/p>\n<p>Since the float of the naira, there have been consistent fluctuations in the FX rates with no sign of stability at the official window.<\/p>\n<p>Recall that the naira on July 19 tumbled to an all-time low of N803.9 per dollar.<\/p>\n<p>Although the local currency recovered by 6.58 percent to close at N742.93 on July 18, it further depreciated to N860\/$ at the parallel market the\u00a0following day.<\/p>\n<p><span class=\"acssf62a8\">Responding to the issue, Shonubi stressed that the apex bank has no <a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/07\/11\/businessman-tackles-bank-over-n5-9m-unauthorised-withdrawal\/\">business<\/a> with \u201cunifying rates\u201d, rather, the bank is to ensure that the unification of the FX market is more effective.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cWe believe that we need to encourage the markets to be more efficient and to be more effective and that [it] takes a bit of time,\u201d he said.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cSome of the volatility you\u2019ve seen over the period has been driven by that same fact that the market needs to find its level and also the reality that there\u2019s pent-up demand which current supply may not be sufficient for and as we ease and satisfy the pent-up demand, [we] will begin to see a more efficient market that runs.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cWe also need to understand the dynamics of pricing in the market. We feel we should actually stop calling it the <a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/05\/21\/tinubu-challenged-to-release-photos-of-meeting-with-investors-in-france\/\">investors<\/a> and exporters (I&amp;E) widow because it is now much more than the I&amp;E.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cIt\u2019s a market where everybody and anybody through the licensed institutions can participate. So, we expect that over time, sooner rather than later the volatility you are seeing would normalise.\u201d\u00a0<\/span><\/p>\n<p><span class=\"acssf62a8\">Speaking on the CBN\u2019s responsibility in the market, Shonubi said \u201cthe role of the central bank is to intervene and keep the market at a fairly stable level\u201d.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cWe have our views as to what that level is and as the market continues to oscillate around that level, if there\u2019s a need for us to intervene either by buying or selling. That\u2019s the role of the central bank,\u201d he added.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cWe have started intervening and we\u2019ve been doing it for a while and we will continue to intervene to bring the markets to the levels that we believe it should be.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cRight now and in the short run these volatile times are expected but we expect them to moderate sooner rather than later.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Monetary Policy Committee (MPC) meeting Acting governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi has disclosed that the &#8216;volatile times&#8221; in the foreign exchange (FX) market would soon moderate. This was made known on Tuesday by Shonobi while addressing journalists after the monetary policy committee (MPC) meeting in Abuja. This is the first [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":271634,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[16587],"tags":[1172,8287,68638,9211],"class_list":["post-281200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-central-bank-of-nigeria","tag-exchange-rate","tag-forex-market","tag-monetary-policy-committee-mpc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - 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