Folashodun Shonubi, the acting governor of the CBN, hinted at this forthcoming move on Monday, following a meeting with President Bola Ahmed Tinubu at the Presidential Villa in Abuja.

Shonubi conveyed that the president expressed frustration with speculators' actions, which he believed were exacerbating the growing gap between the dollar and the naira. Currently, the parallel market records an exchange rate of approximately N950 to US$1, a situation that concerns industry stakeholders and participants due to its potential to drive up fuel pump prices even further.

This development occurred in the aftermath of the Federal Government's decision to eliminate fuel subsidies on May 29, leading to increased financial hardships for a significant number of Nigerians.

In discussions with State House correspondents after his meeting with the president, the CBN chief stated, "Mr. President is very concerned about some of the activities in the foreign exchange market. Our conversation revolved around stabilizing and enhancing liquidity in the market, including the parallel market."

He added, "He is worried about how these fluctuations impact the average citizen's life, as unfortunately, many local activities are still influenced by exchange rates in the parallel market. We have shared our plans and strategies with him, which, while I can't divulge all the details, imply that the speculators should tread carefully. The actions we're undertaking could lead to significant losses for them."

Shonubi emphasized that his presence at the meeting aimed to address the president's concerns and assure him of the CBN's actions to rectify the situation. He mentioned, "We're working on it and will be implementing measures that will significantly influence the market in a matter of days. We're aiming to create an environment that operates more efficiently and reasonably, with minimal negative impact on the average person's life."