Osinbajo denies calling for devaluation of the naira

Yusuf Bello/ Vice-President Yemi Osinbajo did not call for the devaluation of the naira, his spokesman, Laolu AKande said on Tuesday.

The vice president had at the midterm review of President Muhammadu Buhari’s second term in office, office, on Monday called on the Central Bank of Nigeria (CBN) to allow the naira reflect the realities of the market.

According to him, the exchange rate is artificially low and deterring investors from bringing foreign exchange into the country.

But Akande in a statement seen by Alabingo.com, said Osinbajo’s comment was wrongly mischaracterised as a call for devaluation.

According to him, the VP was instead advocating for a forex policy that curbed arbitrage and corruption, thereby offering customers cheaper dollars.

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“Our attention has been drawn to statements and reports in the media mis-characterising as a call for devaluation, the view of Vice President Yemi Osinbajo, SAN that the Naira exchange rate was being kept artificially low,” the statement reads.

“Prof. Osinbajo is not calling for the devaluation of the Naira. He has at all times argued against a willy-nilly devaluation of the Naira.

“For context, the Vice-President’s point was that currently the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570.

“It is stopping this huge arbitrage of over N160 per dollar that the Vice-President was talking about. Such a massive difference discourages doing proper business, when selling the dollar can bring in 40% profit!

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