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Nigeria VP says market forex rate to be used only for federal allocation

Published 23/03/2021, 15:17
© Reuters.

LONDON, March 23 (Reuters) - Nigerian Vice President Yemi
Osinbajo said on Tuesday that payments made as part of the
federal allocation would use the market foreign exchange rate,
in answer to a question about whether the country would adopt a
flexible exchange rate.
"To the questions around whether we're just going to float
the currency, what the finance minister said is that payments
for federal allocation will use the ... market rate," Osinbajo
said, when asked about a reported plan to move to a flexible
exchange rate rather than a pegged one.
"The federal allocation account is the account where funds
go, funds that are shared between the federal and the state
governments. It is with respect to the federal allocation
account that the minister of finance said that the ... market
rate will be used," Osinbajo said.
He was speaking during a webinar organised by the British
foreign policy think tank Chatham House.

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