Vice-President Yemi Osinbajo has explained that he is pushing for a realistic naira-dollar exchange rate so as to attract more foreign investors into Nigeria.
Osinbajo said this on Monday in Abuja at the opening of a two-day Mid-Term Ministerial Performance Review Retreat organised to assess progress made towards the achievement of the nine key priorities of the President Muhammadu Buhari government.
Osinbajo reinforced his call on the Central Bank of Nigeria to review its strategy on foreign exchange and ensure that the Naira value reflects the market reality, rather than what he described as “artificially low”.
This, the Vice-President, explained deters 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 respectful 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 my view,” he added.
Currently, the naira is changing at N411 to $1 at the official side of the market, while the same goes for about N565 at the parallel market.
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