‘The Exchange Rate Is Artificially Low’ — Osinbajo Asks CBN To Devalue Naira

Vice President, Professor Yemi Osinbajo has called on the Central Bank of Nigeria to devalue the naira to reflect the reality of the market. He stated this on Monday while speaking at the midterm retreat of President Muhammadu Buhari’s second tenure. Osinbajo 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.”

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