{"id":13227,"date":"2021-10-15T13:54:04","date_gmt":"2021-10-15T13:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/nigerian-presidency-vice-president-yemi-osinbajo-against-willy-nilly-devaluation-of-the-naira\/"},"modified":"2021-10-15T13:54:04","modified_gmt":"2021-10-15T13:54:04","slug":"nigerian-presidency-vice-president-yemi-osinbajo-against-willy-nilly-devaluation-of-the-naira","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/nigerian-presidency-vice-president-yemi-osinbajo-against-willy-nilly-devaluation-of-the-naira\/","title":{"rendered":"Nigerian Presidency: Vice President Yemi Osinbajo Against \u2018Willy-Nilly Devaluation of the Naira\u2019"},"content":{"rendered":"<p><strong>The Nigerian presidency has denied reports that the country\u2019s Vice President (VP), Yemi Osinbajo, was calling for the devaluation of the local currency when he recently questioned the naira\u2019s official exchange rate. <\/strong><\/p>\n<h2>The Huge Arbitrage<\/h2>\n<p>In fact, according to a <a href=\"https:\/\/leadership.ng\/breaking-osinbajo-denies-calling-for-naira-devaluation\/\">report<\/a> that quotes Laolu Akande, the VP\u2019s assistant, Osinbajo is against \u201ca willy-nilly devaluation of the naira.\u201d Akande suggests that the media may have taken Osinbajo\u2019s comments out of context. He explained:<\/p>\n<p>For context, the Vice President\u2019s point was that currently, the Naira exchange rate benefits only those who can obtain the dollar at N410, some of whom simply turn round and sell to the parallel market at N570.<\/p>\n<p>As regularly reported by Bitcoin.com News, Nigeria\u2019s official exchange rate has remained unchanged since the Central Bank of Nigeria (CBN) last <a href=\"https:\/\/news.bitcoin.com\/after-central-bank-devalues-naira-5-finance-minister-attributes-drop-market-forces\/\">devalued<\/a> the naira in May 2021. On the other hand, the exchange rate on the black market has grown steadily, hence the existing arbitrage.<\/p>\n<\/p>\n<h2>Market-Reflective Exchange Rate Needed<\/h2>\n<p>According to Akande, it is this growing gap between the two rates that prompted VP Osinbajo to call for an adjustment.<\/p>\n<p>\u201cIt is stopping this huge arbitrage of over N160 per dollar that the Vice President was talking about. Such a massive difference discourages doing proper business, when selling the dollar can bring in 40 per cent profit,\u201d he said.<\/p>\n<p>According to the report, Akande thinks \u201conly a more market reflective exchange rate would ameliorate this.\u201d He suggests that when such a rate is finally adopted, an increase in the supply of dollars is expected to follow, and \u201cthe rates will drop and the value of the naira will improve.\u201d<\/p>\n<p><em><strong>What are your thoughts about this story? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nEconomics, naira black market, naira devaluation, naira exchange rate, naira parallel market, Yemi Osinbajo<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Nigerian presidency has denied reports that the country\u2019s Vice President (VP), Yemi Osinbajo, was calling for the devaluation of the local currency when he recently questioned the naira\u2019s official exchange rate. The Huge Arbitrage In fact, according to a report that quotes Laolu Akande, the VP\u2019s assistant, Osinbajo is against \u201ca willy-nilly devaluation of&hellip;<\/p>\n","protected":false},"author":0,"featured_media":13228,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13227"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13227"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13227\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13228"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}