Why CBN must close naira, dollar exchange rates’ gap – Osinbajo

Vice President Yemi Osinbajo has said the Central Bank of Nigeria need to close the gaps between the official and black market exchange rate of dollar to naira.

Osinbajo was quoted to have said this on Tuesday at the World Economic Forum in Davos, Switzerland.

He said the Federal Government was talking with the CBN on the need to close gaps on the rates as part of measures towards economic recovery.

“The gap between the official and parallel market… it isn’t helpful,” Osinbajo said.

Osinbajo said both rates will unify but there’s no particular timeframe as to when it would happen.

Militants’ attacks on oil facilities have reduced oil production, leading to lack of dollars.

“The current output is 1.7-1.8 million barrels per day and it could improve as soon as we sort out things in the Delta,” Osinbajo said.

The VP also said the Federal Government was planning to sell Eurobonds worth $1bn in March.

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