Barca desperately needed cover at centre back and Murillo was chosen by the club’s hierarchy as suitable cover.
The Catalan giants are dealing with injuries to Samuel Umtiti, who is dealing with knee problems, and Thomas Vermaelen, who is expected to be out for at least a month with a torn muscle in his calf.
Barcelona face Celta Vigo in La Liga on Saturday and Valverde said time was an issue in identifying in cover in defence.
“The options, obviously, were very limited because the best central players who are holders in their clubs are clearly not going to leave,” Valverde said, according to Spanish outlet Sport.
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“If we had 100 million euros to sign it would have been different.
“But we are satisfied with how things have gone and what the player can contribute.”
Murillo arrived in a €2million loan deal until the end of the season and Barca also have the option to purchase the player for 25m euros, if they so choose.
“We are in a delicate moment with our centre-backs and so far we have managed it well, but we don’t know how it will go going forward,” Valverde explained.
“We took into account the situation of the club and we wanted someone on loan who could play immediately and who knew the league or European football at some level.
“Murillo met those requirements and he can help us in the short term so the club did a good job with his signing.”
The 26-year-old Colombian has only made three appearances for Valencia, who paid 13m euros to bring him to Spain from Inter Milan a year ago.
The limited game time was a result of Murillo requiring two surgeries for a hernia.
Upon his return he failed to regain a spot in the first team and subsequently requested to leave several weeks ago.
Valverde insisted Murillo was chosen because of his familiarity with La Liga and European football.
“Signings at this club need to be familiar with us as we’re continuing our fight for two major competitions soon,” Valverde said.
“We couldn’t have brought along players who need to adapt.
“Murillo is a good player who can help us and be important for us.
“So we will push forward and hope for the best.”