Nigeria, Nov. 15 -- Vice President Yemi Osibanjo has raised concerns over Nigeria's current exchange rate management model.

The Central Bank of Nigeria operates a managed float system which maintains controls on the naira through its Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX).

The Nafex was introduced by the bank in 2017 to deal with foreign exchange crisis that affected the value of naira at the time. The daily Nafex rates are determined from rate submissions by 10 contributing banks who bid for forex on behalf of their clients.

The model has not done much to improve the value of the naira which has declined to about N444 at the official market, and to more than N800 at the unauthorised parallel market.

"Our exchange ra...