Vice President Yemi Osinbajo against 'Willy-Nilly devaluation of the Naira'-economy
Vice President Yemi Osinbajo against 'Willy-Nilly devaluation of the Naira'-economy
The Nigerian presidency rejects reports that the country's vice president (VP), Yemi Osinbajo, called for a devaluation of the state currency when he recently questioned the official exchange rate of the Naira.
The big arbitrage
In fact, according to A test report The quotes Laolu Akande, the assistant of the VP, Osinbajo is against" one arbitrary devaluation of the Naira ”. Akande points out that the media may have torn comments from the context. He explained:
On the context, the point of the Vice President was that the Naira change of change is currently only to those who can receive the dollar to N410, some of which simply turn and sell to the parallel market to N570.
As reported by Bitcoin.com News, the official exchange rate Nigeria has remained unchanged since the last central bank of Nigeria (CBN) devalued in May 2021. On the other hand, the exchange rate on the black market has grown steadily, hence the existing Arbitrage.
exchange rate required
According to Akande, it was this growing gap between the two interest rates that caused VP Osinbajo to request an adjustment.
"It stops this huge arbitrage of over N160 per dollar, of which the Vice President spoke. Such a massive difference is to do proper business if the sale of the dollar can bring $ 40," he said.
According to the report, Akande believes that "only a more market -oriented exchange rate would improve this". He suggests that if such a course is finally accepted, an increase in the dollar offer is expected and "the courses will decrease and the value of the Naira will improve".
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