Africa Business News

A former Deputy Governor of CBN, Dr Tunde Lemo, says the Central Bank of Nigeria should abandon the merger of the parallel and official exchange rate. He says the naira is not an internationally convertible currency and a gap of not more than N50 should not worry the apex bank. Lemo stated that the gap had presented huge arbitrage opportunities. He further stated that there might be some issues with some of the government’s monetary policies.