Vice-President Yemi Osinbajo has called on the Central Bank of Nigeria to devalue the naira to reflect the reality of the market.
Speaking at the midterm retreat of President Muhammadu Buhari’s second tenure, the vice-president said the exchange rate is artificially low, and this is deterring investors from bringing foreign exchange into the country.
“As for the exchange rate, I think we need to move our rates to [be] as reflective of the market as possible. This, in my own respective view, is the only way to improve supply,” Osinbajo said.
“We can’t get new dollars into the system, where the exchange rate is artificially low. And everyone knows by how much our reserves can grow. I’m convinced that the demand management strategy currently being adopted by the CBN needs a rethink, and that is just my view.
“Anyway, all those are issues that when the CBN governor has time to address, he will be able to address in full.”
The naira is changing for a dollar at 411 at the official side of the market, while the same goes for 565 to the US currency at the parallel market.