The Central Bank of Nigeria is set to take new measures to stabilise the naira against the dollar.

Acting Governor of the CBN, Folasodun Sonubi, made the disclosure to State House Correspondents after briefing President Bola Tinubu on what the bank was doing the halt the Naira slide on Monday at the State House.

He said President Tinubu expressed his concern about the impact of recent developments in the foreign exchange market, particularly on ordinary citizens.

Sonubi said he assured the President that the CBN is actively working to improve liquidity and stability in the market, including addressing issues in the parallel market.

The acting governor stressed that the fluctuations in the parallel market are not solely driven by economic factors, but also by speculative demand.

The apex bank governor said while he would not disclose specific details, he warned speculators that the CBN’s upcoming initiatives could potentially lead to significant losses for them.

He revealed that the primary purpose of his presence at the presidential villa was to reassure the President that the CBN is taking decisive action to address the concerns raised.

He further expressed confidence that the measures being implemented would yield positive outcomes within a few days.

According to him, the CBN’s ultimate goal is to create an efficient and reasonable operating environment that minimise negative impacts on the average Nigerian’s life.

“Some of the plans and strategies, which I’m not at liberty to share with you, means sooner rather than later, the speculators should be careful because we believe the things we’re doing, when they come to fruition, may result in significant losses to them.

“But my presence here is more about the concerns the President has and his needs to know that we are doing something about it, assurances of which I have given him totally.

“So I hope this helps. We are looking at it and we’re doing things that will significantly impact the market in a few days time and we will all see it.

“The intention is to ensure the environment operates at a level that’s more efficient, but also that is also very reasonable and does not have a negative impact to the best that we can on the lives of the average person.”