Bitcoin
$ 61,965
Ethereum
$ 4,143.6
Litecoin
$ 193.59
okex ads

NIGERIA VICE PRESIDENT CRITICIZES CBN EXCHANGE POLICY

The Vice President of Nigeria, Professor Yemi Osinbajo has criticized the foreign exchange policy adopted by the Central Bank of Nigeria.

Osinbajo made this known while Speaking at the Mid-Term Ministerial Performance Review Retreat at the banquet hall of the state house in Abuja, saying that the exchange rate is artificially low and does not reflect the current market realities.

The vice president therefore advised the bank to have a “rethink” about its current forex demand management strategy.

It would be recalled that Naira currently trades at N414 at the official market against the U.S. dollar, and N570 at the parallel market.

He therefore said in his own respective view, the only way to improve supply, is for the country’s rate to be a reflective of the market as possible

The vice president however lamented the lack of access to forex for the importation of systems and raw materials as one of the contributory factors of the current economic situation, adding that the CBN appeared to be in competition with government ministries and agencies in implementing certain policies

He further said 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,” the vice president said.

He lamented the lack of access to forex for the importation of systems and raw materials as one of the contributory factors of the current economic situation.

While addressing the challenges of implementing the economic sustainability plan, the vice president called for partnership between affected ministries and the CBN. This he said will address the issue of people benefitting in more than one intervention programs.

Osinbajo therefore emphasized that it is imperative and that there must be synergy between the fiscal and the monetary authority. Maintaining that the country must be able to deal with the synergy and handle the synergy between the monetary authority, the CBN, and the fiscal side.

The Vice president therefore concluded by advising the ministry of industry, trade, and investment to handle MSMEs interventions, and the people should know what the CBN is doing. This therefore means that, if the CBN is intervening in the MSME sector, it should be with the full cooperation and consent of the ministry of industry.

 

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Facebook whistleblower Frances Haugen says she’s supporting herself with crypto she purchased ‘at the right time’
October 25, 2021By
Here’s why Electro Optic Systems (ASX:EOS) shares are frozen today
October 25, 2021By
Tezos Price Analysis: We anticipate XTZ/USD to fall and move to the $6 support
October 25, 2021By

Advertisement

Video Posts

In
Impact Of Technology On 4.0
July 6, 20210
In
Importance Of Cryptography
July 3, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin61,965 0.09 % 1.11 % 0.62 %
Ethereum4,143.6 0.12 % 0.32 % 7.51 %
Binance Coin480.99 0.10 % 0.77 % 2.21 %
Tether1.000 0.03 % 0.02 % 0.26 %
Cardano2.140 0.08 % 1.19 % 1.04 %
Solana202.71 0.35 % 3.28 % 26.80 %
XRP1.090 0.10 % 0.14 % 0.09 %
Polkadot43.30 0.13 % 1.04 % 2.78 %
Dogecoin0.2702 0.49 % 7.78 % 13.55 %
USD Coin1.000 0.05 % 0.46 % 0.17 %

You have not selected any currencies to display