Nigeria’s exchange rate regime, rising inflation call for serious concern – Osinbajo

The Vice President of Nigeria, Prof Yemi Osinbajo has decried the country’s exchange rate regime and rising inflation.

While the government and stakeholders have continued to blame internal and external factors, Nigeria’s economic woes have continued to bite harder on Nigerians.

Expressing concern over the economy, Osinbajo, in his opening remarks at the 2022 Nigeria Economic Summit held in Abuja, on Monday, said urgent action is needed to bring inflation down.

“Our exchange rate regime remains of concern.

“While they may not have been perfect, the rules were clear and the gap between the official and parallel markets was not so wide.

“We will also have to take urgent action to bring inflation down because it is both a tax on the poor and disrupts long-term growth.

“We would need to increase domestic food production and make sure that it gets to the market”, he stated.