Nigeria’s current foreign exchange policy encourages profiteering from arbitrage and serves as a disincentive for business activty and foreign investment, the country’s vice president said in a statement on Tuesday.
The exchange rate management practices of the central bank only favor those able to get the U.S currency at the official rate of 410 naira per dollar, only to sell at the parallel market rate of 560 naira per dollar, Vice President Yemi Osinbajo said in an emailed statement. The “massive difference discourages doing proper business, when selling the dollar can bring in about 40% profit,” Osinbajo said.
https://www.bloomberg.com/news/articles/2021-10-12/nigeria-s-vice-president-tackles-central-bank-over-forex-policy
2021-10-12 18:40:31Z
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