Fidelity bank banner Camano banner
Nigeria to unify exchange rates: Osinbajo

By •Vice President Osinbajo. on 18/01/2017

Views: 1,261

•Vice President Osinbajo.
•Vice President Osinbajo.

Nigeria will close the gap between the official and black market rates for the Naira against the dollar “very soon,” Vice President Yemi Osinbajo said on Tuesday.

“The gap between the official and parallel market… it isn’t helpful,” he told reporters at the World Economic Forum in Davos.

“If you look at the economic recovery and growth plan it is the expectation that this is a conversation we are having with central bank.”

The naira’s official rate, controlled by the government, has hovered just above 300 to the dollar since it was devalued in June. But that is still 40 percent stronger than rates on the parallel market, a gap that is discouraging investment from overseas and leaving Nigeria starved of foreign currency.

The official and black market naira foreign exchange rates will be “unified” this year, but there is no time frame for when it could happen, said Osinbajo.

Financial institutions, among others, have argued that Nigeria must allow its currency to float freely to solve its foreign exchange woes, a measure which has met opposition from President Muhammadu Buhari.

Nigeria’s lack of dollars has been exacerbated by a crunch in oil production, caused by militant attacks on facilities in the crude-rich regions in the southeast Delta region, and low global prices for oil, on which the government depends for 70 percent of its revenues.

“The current output is 1.7-1.8 million barrels per day and it could improve very quickly as soon as we sort out things in the Delta.”

In an effort to end militant attacks and remain “actively engaged,” Osinbajo travelled to the southeast Delta region for talks with militants earlier this week, he told reporters.

Additionally, Nigeria aims to sell Eurobonds worth $1 billion in March, said Osinbajo, rather than February as originally hoped, which could help refill the government’s coffers. (NAN)



Source News Express

Posted 18/01/2017 02:30:43 AM





You may also like...
Bash Ali architect of his misfortune —Sports Minister’s...

Pastor, 2 others nabbed over ritual killing of...

Court remands man over alleged defilement of 12-year-old...

Police in mass arrest of suspected criminals in...

Edo varsity suspends ASUU boss over alleged sexual...

UK offers to help rescue Leah Sharibu from...

Police nabs 45 kidnap suspects in Kogi

NELMCO’s example in public assets disposal, By Abdulahi...

DPR warns against touting in Eket petroleum product...

Multinational oil firms shortchanging Niger Delta —Governor Dickson...

Teni nominated Best New Artiste

Campus Journalism Award to address hate speech on...


Latest News APC drags PDP to Police, DSS over alleged illegal access to INEC server Journalist’s daughter escapes from kidnappers’ den APC won’t share power with PDP — Oshiomhole Renowned poet, Gabriel Okara, dies at 97 Buhari receives report on implementation of N30,000 Minimum Wage Hamonise minimum wage for quick assent, TUC tells NASS Court to hear AAC’s suit on Rivers election March 28 Obi celebrates Tambuwal, Ortom’s re-election •Prays INEC to declare Bala Mohammed Bauchi Governor-elect without further delay Five-year-old kidnapped in Delta rescued in Nasarawa Ortom’s victory: Better days ahead for Benue — Lawmaker Nigerians react as singer Waje plans to quit music NAPTIP raids motel, arrests suspects in Abuja


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (462,256 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (411,060 views) Shameless Genevieve Nnaji exposes breasts in public (347,272 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (297,878 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (262,166 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (236,844 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (223,051 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (204,775 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (193,247 views) 10 cars more expensive than Jets (178,733 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (177,165 views) Lagos plane crash: Journalist releases victims’ names (176,132 views)


NLNG call for entries

CBN banner


Categories Advertorials (3) African Press Organisation (81) Art & Literature (81) Business & Economy (4,106) Business Verdict (61) Columnists (1,008) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (599) Features (730) Global Business Monitor (327) ICT Monitor (27) International (3,217) Interview (174) Live Commentary (28) Love Matters (153) Maggie's Blog (194) News (44,211) Opinion (1,208) Pidgin (17) Politics (10,356) Religion (963) Sports (1,929) Stock Watch (39) AMA & Al Jazeera Global Update





APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera