Nigerian vice president says current naira exchange rate artificially low, calling for it to be allowed to float freely.
Speaking at a business forum in Lagos on Tuesday, Vice President Yemi Osinbajo said the country’s currency should be allowed to find its “true value” on the open market.
The naira has been pegged at around 199 to the US dollar since March, but the government is under pressure to devalue it as the country’s foreign reserves dwindle.
Some economists have called for the naira to be floated, arguing that this would help ease the country’s economic problems.
However, others say this could lead to inflation and cause more hardship for Nigerians.
The vice president said the current exchange rate was “not sustainable” and that the government was working on a “managed float” of the currency.
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