The Central Bank of Nigeria needs to close the gap between the official and black market exchange rates for the naira against the United States.
Vice President, Yemi Osinbajo, demanded that action as he told reporters at the World Economic Forum in Davos, Switzerland of the country’s economic recovery plan.
The naira’s official rate, which is controlled by the CBN, has been hovering around 305 against the dollar since it was devalued in June.
The official rate is still 40 per cent stronger than the parallel market rate.
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Many people say that the gap is discouraging investments from overseas.
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