Let Naira reflect market realities, Osinbajo advises CBN

Vice President Yemi Osinbajo has called on the Central Bank of Nigeria to allow the value of the Naira to reflect the market realities of the market in order to curb the rising depreciation of the currency.

Osinbajo disclosed this while speaking on Monday at the Mid-Term Ministerial Performance Review Retreat at the Presidential Villa, Abuja.

According to him, the exchange rate is artificially low, saying this is deterring investors from bringing foreign exchange into the country.

He 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.

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“We can’t get new dollars into the system, where the exchange rate is artificially low. And everyone knows 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 vice president added that CBN was competing with the fiscal side of the economy, which includes the ministries, departments, and agencies of government.