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Fed Govt, CBN to close forex rates’ gaps

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Fed Govt, CBN to close forex rates’ gaps

Fed Govt, CBN to close forex rates’ gaps
January 18
07:56 2017

Vice-President Yemi Osinbajo yesterday said the Federal Government is in talks with the Central Bank of Nigeria (CBN) to close the foreign exchange (forex) rates at the official and parallel markets.

“The gap between the official and parallel market… it isn’t helpful.

“If you look at economic recovery and growth plan, it is the expectation that this is a conversation we are having with central bank,” Osinbajo was quoted to have said by Reuters while speaking with reporters at the World Economic Forum (WEF) in Davos, Switzerland.

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

The Special Assistant to Osinbajo on Media and Publicity, LaoluAkande, in a statement, explained that the vice-president would be accompanied by the Special Adviser on Economic Matters to the president, Adeyemi Dipeolu “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 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,” the statement read.

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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Mujeeb

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