“Because for us, you know when they floated the exchange rate, you would recall that the exchange rate was moving at a very fast speed before some interventions came,” Osifo said.
He also said: “Today the official exchange rate is around N770 per dollar. So, what we have told them is that all international agencies, if you look at JP Morgan, Bank of America, and all, have said that our naira today is undervalued. What that means is that our naira should be exchanged somewhere around N600 to N630 for a dollar.
“And if the government can push it down to that range, then we would be buying PMS (petrol) at a little reduced rate compared to where it is today.
“So, we have told the government that there is no basis for us to be buying petrol at a price higher than what we have today. But instead, it should go down. But the controlling factor is the exchange rate so if they could work on the exchange rate. Today it is somewhere around N770 to a dollar. But if the true value comes to bear around N600 to a dollar then we would even buy PMS at a cheaper rate,” he added.
