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Expert claims Naira overvalued by 200%, begs CBN to set currency free

The Managing Director of Financial Derivatives Company Limited (FDC), Bismarck Rewane, said on Tuesday the Naira was over-valued by 200 percent, IgbereTV reports.

Rewane, who stated this in a programme on Arise TV, said the black market where Naira exchanged for N680/$ on Tuesday provided a true picture of the value of the Nigerian currency.

FSDH Research had in its macroeconomic report stressed that the Naira-dollar exchange rate at the official market did not reflect the current realities in the country.

Rewane, therefore, demanded the devaluation of the Investors and Exporters (I&E) foreign exchange window rate next month to help the Naira find its true value.

In recent weeks, the Naira has depreciated against the dollar across the Nigerian foreign exchange market.

It fell to N431 per dollar, its lowest since the introduction of the I&E forex window.

It weakened to a record low N710 per dollar at the black market last month.

Rewane said: β€œMost currencies are undervalued but Nigerian naira [is] overvalued by 200 percent

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