Nigerian Vice President, Prof. Yemi Osinbajo on Monday asserted that Nigeria’s official exchange rate is ‘artificially low’ calling on the country’s apex bank to make the rates more reflective of market realities.
The number two citizen made the remark during a speech at the Midterm Ministerial Performance Review Retreat which was held at the Banquet Hall, Presidential Villa, Abuja.
‘As for the exchange rate, I think we need to move our rates to be more reflective of the market as possible,’ Osinbajo said.
‘This, in my own respectful view, is the only way to improve supply. We can’t get new dollars into the system when the exchange rate is artificially low. And everyone knows by how much our reserves can grow.
‘So I’m convinced that the demand management strategy currently being adopted by the CBN needs a rethink.
‘All those are issues, I’m sure, that when the CBN Governor has time to address, he will be able to address in full.’
Africa Today News, New York can confirm that the Central Bank’s official rate is ₦410 to a dollar, but rates in the parallel market go as high as ₦570.
The Central Bank of Nigeria (CBN) has often been blamed for the instability in the foreign exchange market in Nigeria.
AFRICA TODAY NEWS, NEW YORK