FG faces tough choices over likely Naira devaluation — Nigeria — The Guardian Nigeria News – Nigeria and World News

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• AfDB faults FG’s $35.5b debt toll, economic devt model
• We are making progress on infrastructure devt, says Buhari
• Naira weakens to N565/$
• CBN does not trust market mechanism, says Yusuf
• Economists seek caution on devaluation, worry about inflation

In apparent contradiction of its earlier stance on floating the naira, the Federal Government, yesterday, prevailed on the Central Bank of Nigeria (CBN) to allow the currency to reflect market realities. 
  
According to Vice President, Prof. Yemi Osinbajo, the exchange rate is artificially low, and this is deterring investors from bringing foreign exchange into the country, adding that the current practice, which places the official rate at N410, is not a realistic reflection of the nation’s economic fortunes.

Osinbajo spoke at the opening of a two-day Mid-term Ministerial Performance Review retreat, held at the Presidential Villa, Abuja, yesterday.

The Vice President stated that the dollar scarcity crisis can…



Source: Guardian Newspaper