Nigeria’s artificially low exchange rate requires rethink – Osinbajo

On Monday, Vice President, Yemi Osinbajo asked for a market-determined exchange rate.

This has become imperative because the Central Bank of Nigeria‘s dollar demand management strategy has led to a fixed rate, created dual exchange rates, arbitrage opportunities and shut out dollar supply from investors.

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Osinbajo said this on Monday in Abuja at the opening of a two-day midterm ministerial performance review retreat to assess progress made towards the nine key priorities of the Buhari regime said CBN’s strategy requires a rethink.

This is as the President of the African Development Bank Group (AfDB) Akinwumi Adesina, yesterday stated that Nigeria requires $15 billion annual investments in infrastructure to bridge the huge infrastructure gap in the country.