The Vice President of Nigeria, Prof. Yemi Osinbajo has on Wednesday revealed the plans of the Federal Government to ‘re-evaluate’ substantially the foreign exchange policy of the country. He added that the nation and its citizens should expect a more flexible policy soon.
Speaking to investors in his speech at a conference organised by Renaissance Capital in Lagos State, the Vice President said: “We expect that with a more flexible policy, we will be able to attract more capital into the system and ease business.”
He added, “We expect 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”
He continued, “We expect that with a more flexible policy we will be able to attract more capital into the system and ease business…”
Osinbajo also noted during his speech that the executive arm of government is not responsible for such monetary policy formulation and implementation but assured that the Central Bank would act soon and effect needed changes.
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