Daybreak, Politics, Entertainment, Sport

Tag: Folashodun Shonubi

  • CBN Vows To Stabilize Naira, Improve Forex Market

    CBN Vows To Stabilize Naira, Improve Forex Market

    The acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, says the apex bank will, in the next few days, be taking steps to improve the liquidity in the foreign exchange market.

    Speaking on Monday, Shonubi disclosed that he had met with President Bola Tinubu, who voiced his concern regarding developments in the market and its impact on Nigerians.

    The acting CBN governor shared his belief that the changes in the market are driven mostly by speculative demand and was confident that the steps that will be implemented soon will significantly impact the market.

    Shonubi said;

    “Mr. President is very concerned about some of the goings on in the foreign exchange market.

    “One of the things we discussed is what could be done to stabilise and what could be done to improve the liquidity in the market and also the goings on in the various other markets, including the parallel market.

    “He’s concerned about its impact on the average person, since, unfortunately, a lot of activities that we do, which are purely local, are still referenced to exchange rates in the parallel market.

    “We have discussed and I have shared with him what we’re doing to improve supply. If you look at the official market, you will find that that market has been fairly stable and the spreads of the difference have not fluctuated as much.

    “We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply, but are touched by speculative demand from people.

    “Some of the plans and strategies, which I am 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.

    “We are doing things which 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.”

  • Who is Folashodun Shonubi: Acting Governor of the Central Bank of Nigeria (CBN)

    Who is Folashodun Shonubi: Acting Governor of the Central Bank of Nigeria (CBN)

    Effective June 9, 2023, Mr. Folashodun Adebisi Shonubi has assumed the position of Acting Governor of the Central Bank of Nigeria (CBN).

    Folashodun Adebisi Shonubi, born on March 7, 1962, is a highly accomplished professional with an impressive background. He attended the University of Lagos from 1978 to 1983, where he earned a Bachelor of Science degree in Mechanical Engineering. Continuing his education at the same university, he obtained a Master of Science degree in Mechanical Engineering in 1985, focusing on Production Engineering. In 1988-1989, he shifted his focus to finance and obtained a Master’s in Business Administration, specializing in Finance.

    Shonubi’s professional journey began as a Consultant Engineer at Mek-ind Associates, where he worked from 1984 to 1989. He then served as a Marketing Executive at Inlaks Computers Limited from 1989 to 1990. Moving forward, he joined Citibank Nigeria Limited as the Head of Treasury Operations from 1990 to 1993. Subsequently, he became a Supervising Consultant at Agusto & Co. Ltd from 1993 to 1996. In 1999, he assumed the role of Deputy General Manager of Banking Operations & Information Technology at MBC International Limited. Later that year, he joined First City Monument Bank (FCMB) Limited as Vice-President of Operations & Information Technology, a position he held until 2002.

    In 2003, Shonubi transitioned to Ecobank Nigeria Plc as an Executive Director, overseeing Operations & Information Technology. He then moved to Renaissance Securities Nigeria Limited in 2007, serving as the Director of Information Technology and Corporate Services. From September 2009 to April 2012, he joined Union Bank of Nigeria Limited as an Executive Director, responsible for Operations, Technology, and Services.

    Shonubi’s leadership acumen led him to become the Managing Director/CEO of Nigeria Inter-Bank Settlement System Plc from May 2012 to October 2018. Since December 9, 2019, he has held the position of Deputy Governor, Operations at the Central Bank of Nigeria (CBN) and also represents the Governor of the Central Bank of Nigeria on the Board of the Federal Inland Revenue Service (FIRS).

    Married and with children, Shonubi now takes on the role of Acting Governor of the Central Bank of Nigeria (CBN), assuming significant responsibilities in shaping the country’s financial landscape. His wealth of experience and expertise in finance, operations, and technology positions him well for this crucial role.