He said Tinubu expressed his concern over the effects of the recent developments in the foreign exchange market, particularly on average citizens. According to Shonubi, the volatility of the naira in the parallel market is not solely driven by economic factors, but also speculative demand. He said, “Mr President is very concerned about some of the goings on in the foreign exchange market. In the circular dated August 9, 2023, the CBN placed limits on the exchange rate for naira payout of Diaspora remittances. Please note and ensure strict compliance.”Shonubi had last week said the diversion of Diaspora remittances to the parallel market was putting pressure on the local currency.

Source: Punch August 15, 2023 14:41 UTC