Business Economy

Naira Exchange Rate Does Not Reflect Current Reality —Osinbajo

 Vice President Yemi Osinbajo has advised the Central Bank of Nigeria (CBN) to tinker with the exchange rate to reflect the current realities. Speaking at the opening session of the mid-term ministerial performance review declared opened by President Muhammadu Buhari at the Presidential Villa, Abuja, he lamented that the exchange rate was artificially low, making it difficult to attract foreign investors. 

He also affirmed that because of the low rate, Nigeria was unable obtain new dollars. 

He observed that the apex bank was competing the ministries, departments and agencies in fiscal terms, arguing: “There must be synergy between the fiscal and the monetary authority. We must be able to deal with the synergy, we must handle the synergy between the monetary authority, the CBN, and the fiscal side. 

The vice president commended President Buhari for his leadership amid economic challenges. 

The commencement of the two-day performance review has, however, sparked uncertainly among cabinet members and other top government officials as to what lies ahead of them. In sacking former ministers of power, Saleh Mamman, and his agriculture counterpart, Sabo Nanono, on September 1, the president had warned that the exercise would be a continuous process. 

Presidency sources say the president may await the outcome of the ongoing assessment to determine his next step, which, the sources affirmed, may involve another tinkering of the Federal Executive Council (FEC) in the home stretch of the administration. 

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