VP Osinbajo Asks CBN To Devalue Naira Over Dollar Exchange Rate
Touchaheart Nigeria reports that Nigeria’s Vice President, Yemi Osinbajo, has called on the Central Bank of Nigeria (CBN), run by Godwin Emefiele, to devalue naira to reflect market reality.
This online news outlet reports that the Nigerian number two citizen made this remark while addressing at President Muhammadu Buhari’s second term’s midterm retreat.
According to Vice President Yemi Osinbajo, the currency rate is artificially low, discouraging investors from bringing foreign exchange into the country.
“In terms of the exchange rate, I believe we should move our rates to be as market-reflective as feasible.” This, in my opinion, is the only way to increase supply.”
According to Osinbajo.“We can’t get additional dollars into the system because of the artificially low exchange rate.
And everyone is aware of the extent to which our reserves can expand.
I believe the CBN’s present demand management plan has to be reconsidered, but that is just my opinion.
“Anyway, all of those are concerns that the CBN governor will be able to fully address when he has time.”
According to Touchaheart Nigeria, the Nigerian official currency, the naira, was traded for N413.53 dollars on Monday, October 11th, 2021 on the official side of the market, while N575 was swapped for US currency on the parallel market (black market)