Vice President Yemi Osinbajo has said the country is substantially re-evaluating its foreign exchange policy, adding that a flexible approach should be expected soon.

“We expect that with a more flexible policy, we will be able to attract more capital into the system and ease business,” Osinbajo said at an investors’ conference held by Renaissance Capital in Lagos on Wednesday, adding, “We expect that very soon we will see a more flexible approach to the currency.

“We believe there must be some substantial re-evaluation of the foreign exchange policy, especially with a view to increasing foreign exchange supply, encouraging capital importation and also being able to allow free flow of remittances…we expect that with a more flexible policy, we will be able to attract more capital into the system and ease business.”

The vice president said the executive was “not responsible for monetary policy,” adding that he hoped the Central Bank of Nigeria would act soon on the policy changes he mentioned.

The collapse in the price of oil, Nigeria’s main export, has caused a huge shock in the country, the Financial Times reported.

Despite the decline in foreign exchange earnings due to the tumbling oil price, President Muhammadu Buhari has held tightly to his view that the naira should not be devalued further. Since taking office nearly a year ago, he has repeatedly voiced his support for the CBN Governor, Godwin Emefiele’s pegging of the naira’s official rate at 197-199 against the dollar since March 2015.

“We have effectively liberalised downstream sector of oil with a N145 price ceiling. Just not enough forex to continue NNPC fuel importation,” Osinbajo said.

He said he hoped to persuade the CBN to change some polices to improve foreign exchange supply.

He also said the government would make sure that the banks survive an economic crisis due to a slump in oil revenues.

“We will do anything to ensure that the banks remains viable,” he added.

On the renewed attacks on oil installations, he said, “We want to increase security around installations and we have to use a bit more technology and a dedicated force.”

worksmart:
Lie lie !
Osinbajo can not announce devaluation consideration.

Any way this story is from unknown source.

Truth234:


Please next time endeavor to google a bit

Financial Time U.S. http://www.ft.com/fastft/2016/05/11/nigeria-should-re-evaluate-fx-policy-osinbajo/

Bloomberg U.S. http://www.bloomberg.com/news/articles/2016-05-11/nigeria-should-mull-devaluation-in-forex-policy-review-says-vp

worksmart:
Two sources you just given are known for negative and inaccurate reports on Nigeria's economy.

Take this story with a generous pinch of salt.

If this potential policy u-turn was credible, it would be also reported in Nigerian press and news media.

Scholes007:
Stinking trial and error govt. It is about time people realize that alot of mistake was made in voting in buhari, we just turned the hands of clock 20-30 years back.

gud4dbest:
Cluelessness is contagious!

989900:
Devalue the Naira, increase pump price, remember to increase wages appropriately too.

Hello inflation . . .

Babacele:
una wey dey there for 16 years wetin b una achievement? refinery no work, no light, roads na death row, employment sef na after paying on earth na to go collect for heaven a la Moro, money wey we sell from oil una steal, una no dey shame? Trial and error beta pass wicked thievery!

Babacele:
una wey dey there for 16 years wetin b una achievement? refinery no work, no light, roads na death row, employment sef na after paying on earth na to go collect for heaven a la Moro, money wey we sell from oil una steal, una no dey shame? Trial and error beta pass wicked thievery!

Babacele:
una wey dey there for 16 years wetin b una achievement? refinery no work, no light, roads na death row, employment sef na after paying on earth na to go collect for heaven a la Moro, money wey we sell from oil una steal, una no dey shame? Trial and error beta pass wicked thievery!

Truth234:


Is you that is giving inaccurate assertion of your government. Punch Nigeria http://punchng.com/flexible-forex-policy-coming-osinbajo/

Truth234:


Is you that is giving inaccurate assertion of your government. Punch Nigeria http://punchng.com/flexible-forex-policy-coming-osinbajo/

Babacele:
una wey dey there for 16 years wetin b una achievement? refinery no work, no light, roads na death row, employment sef na after paying on earth na to go collect for heaven a la Moro, money wey we sell from oil una steal, una no dey shame? Trial and error beta pass wicked thievery!

Babacele:
una wey dey there for 16 years wetin b una achievement? refinery no work, no light, roads na death row, employment sef na after paying on earth na to go collect for heaven a la Moro, money wey we sell from oil una steal, una no dey shame? Trial and error beta pass wicked thievery!

Scholes007:
Anytime wey person talk abt buhari you go run go 16years. But last time i check
*the small electricty/it's distribution line wey you and me dey argue on every day wasn't like it is now b4 the last 16 years.
* some of the express road/distribution roads you probabily ride on and make mouth with was not done before 16years and the list goes on and on.
I am not in anyway saying these people are saints but your saints should stop summing up 16 years /8years money, calling it scam and then tagging it on people to open up an unnecessary gate. It is not an epitome of good governance. Buhari should not fail else the little image he has will be battered severely... Let him shield his sycophants they are getting too many and useless.

Pidggin:


See lie, for 16 years, na heaven we dey; light, good roads, cheap commodities, jobs, fuel @N87, Petrol na drive in and buy, we had it all, but una change mantra deceive SW and North. Where is the change?

worksmart:
Two sources you just given are known for negative and inaccurate reports on Nigeria's economy.

Take this story with a generous pinch of salt.

If this potential policy u-turn was credible, it would be also reported in Nigerian press and news media.

seunmsg:
With the complete removal of fuel subsidy there is no point keeping the naira at the current official rate. Devaluation will help to bridge the gap between the official and parallel market rate and hence, the pump price may still come down lower than N145. Government also must seriously consider increasing minimum wage immediately. Maintaining the current minimum wage in the face of the current development is criminal and unacceptable.

Babacele:
until after 4 years of PMB 's repairing wetin una spoil.....anytime una dey talk now na from an insincere and unrepentant heart....so we should wished the wasted 16 years away? naaaa

Scholes007:
repair? Huhu what is he (mr. Buhari) repairing? He should continue especially from where the last administration stop. Whether you like it or not last two administrations started the repair/re-branding of Nigeria, all the current govt need do is to continue. Never mind all these gates EFCC open here and there, these are the total sum of money used. Example of what they do is #100 was used to repair refinery, and the contract spread 5years, they will sum the money up even the yet to be paid and tag it ...gate. Believe me that is not good for good governance.