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'Nigerian govt should adopt a flexible foreign exchange rate

yinka ogunlami

March 29, 2016 1:42 PM

Linda Thomas-Greenfield, U.S. Assistant Secretary of State for Africa during a meeting with the U.S. Institute of Peace stated that the Naira against the US dollar is not realistic.

US to convince Nigeria Government to adopt a more flexible foreign exchange rate

Thomas-Greenfield said the United States plans to convince Nigeria to adopt a more flexible foreign exchange rate to boost growth and investment in the country.

Read: Apex bank not converting $20 billion in domiciliary accounts to Naira

She added that though the Naira is yet to be devalued, that people are already operating on a devalued currency.

"While most people complain about the possibility of there being a devaluation, people are already operating on a devalued currency, and the only people who are not, are people who are doing it officially," Thomas-Greenfield said.

Read: 'About $20 billion idle in domiciliary accounts,' bank's deputy governor says"Our recommendation is, and we will have discussions about it ... that they should look at the exchange rate and try to make the exchange rate more realistic to what the value of the naira is to the dollar," she added.

yinka ogunlami

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