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LequteMan
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Nigeria's Vice President, Yemi Osinbajo, has hinted that the federal government will soon review the current foreign exchange policies in the country.
Speaking at a Lagos Business Conference on Wednesday, Osinbajo said a more flexible approach is needed to solve the problems caused by the current system. The Naira currently exchanges at N320 per dollar on the parallel market while it's fixed at N199 per dollar on the official market.
"We believe there must be some substantial revaluation for the foreign exchange policy," Osinbajo said, adding that it would boost foreign exchange supply and also encourage capital inflows and a free flow of remittances.
"There has been a sharp decline in foreign exchange earnings. The executive is not responsible for monetary policy but we have made the point clearly that demand management will not take us out of the woods," he said.
"We need a review," he said in response to questions from investors. "Very soon we will see a more flexible approach," he added, but he declined to give details.
Reuters
Speaking at a Lagos Business Conference on Wednesday, Osinbajo said a more flexible approach is needed to solve the problems caused by the current system. The Naira currently exchanges at N320 per dollar on the parallel market while it's fixed at N199 per dollar on the official market.
"We believe there must be some substantial revaluation for the foreign exchange policy," Osinbajo said, adding that it would boost foreign exchange supply and also encourage capital inflows and a free flow of remittances.
"There has been a sharp decline in foreign exchange earnings. The executive is not responsible for monetary policy but we have made the point clearly that demand management will not take us out of the woods," he said.
"We need a review," he said in response to questions from investors. "Very soon we will see a more flexible approach," he added, but he declined to give details.
Reuters
