At the meeting, both men discussed what "could be done to stabilize" the Nigerian currency and how to "improve the liquidity in the market."
Worried about the rising exchange rate of the naira to the dollar, Nigeria's President Bola Tinubu, met with the acting governor of the central bank, Folashodun Sonubi.
At the meeting, both men discussed what "could be done to stabilize" the Nigerian currency and how to "improve the liquidity in the market."
Mr Shonubi, who briefed journalists after the meeting at the State House Abuja, blamed speculators for the current exchange rate, saying the president is "very concerned" about the situation.
"We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply but are topped by speculative demand from people," he said.
The bank chief said he briefed the Nigerian leader on some of the plans to address the challenge.
"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."
PREMIUM TIMES reported how the naira hit an all-time low of about N950 to a dollar at the parallel market (also called the black market) on Friday.
Nigeria allowed the naira to crash by 36 per cent in June in order to find convergence for its multiple exchange rates and close the gap between the official rate and that of the parallel market.
Foreign exchange users still flock to the unofficial market as the spot market battles pressures from an overhang of unmet dollar bills reaching back to the pandemic days.
Naira closed at 744 to the greenback on Monday on the spot market, according to FMDQ Securities Exchange, compared to N935 on the parallel market, according to currency traders.
The audited financial reports of the apex bank issued last week for the first time in seven years unravelled a combined $7.5 billion in security borrowing from US lenders JP Morgan and Goldman Sach, collateralized with Nigeria's foreign securities.
The financials for 2022 also pointed to foreign currency forward contract payables coming to $3.2 billion to an unknown counterparty.
Repayment commitments on the two deals alone leave the external reserves in a pretty precarious position of being limited in its potential to defend the naira when need be.
