Vice President Yemi Osinbajo has debunked the report making the round that he called on The Central Bank of Nigeria (CBN) to devalue the country’s naira in order to reflect market reality.
While noting that he has been opposed to the devaluation of the currency, the Vice President said those who have access to the dollars at N410 turn round to sell it were benefiting from the current exchange rate.
“Prof. Osinbajo is not calling for the devaluation of the Naira. He has at all times argued against a willy-nilly devaluation of the Naira,” the statement read.
“For context, the Vice President’s point was that currently, the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570.
“It is stopping this huge arbitrage of over N160 per dollar that the Vice President was talking about. Such a massive difference discourages doing proper business, when selling the dollar can bring in 40% profit!”
He also revealed the major issues confronting the Nigerian economy, stressing that how to improve the supply of foreign exchange is the major challenge facing the country’s economy.
Osinbajo explained that allowing the window of import and export would help improve the value of the naira.