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FG, CBN To Close ‘Forex Rates’ Gaps

Vice-President Yemi Osinbajo says as part of the economic recovery plan, the federal government is in talks with the Central Bank of Nigeria (CBN) to close the gap between foreign exchange rates at the official and parallel markets.

“The gap between the official and parallel market… it isn’t helpful,” Reuters quoted Osinbajo as saying to reporters at the World Economic Forum in Davos, Switzerland.

“If you look at economic recovery and growth plan, it is the expectation that this is a conversation we are having with central bank.”

The vice-president, who was in the Niger Delta on Monday and early Tuesday, led the country’s delegation to the forum, where pivotal issues concerning the Nigerian and global economy will be addressed.

Laolu Akande, special assistant to Osinbajo on media and publicity, said via a statement that the vice-president would be accompanied by Adeyemi Dipeolu, special adviser on economic matters to the president.

“At the forum, the vice-president will lead a discussion on Business in Nigeria, where ministers from the Federal Cabinet who are members of the Nigerian delegation would also feature,” the statement read.

“The yearly forum, which draws together governmental and business leaders around the world to discuss economic issues and review developments, is normally composed of such panel discussions, country/continent-specific themes and other subjects.”

Aliko Dangote, Africa’s richest man, and Akinwumi Adesina, president of the African Development Bank (AfDB), are also at the forum.

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