IMF urges Nigeria for further devaluation on naira
President Muhammadu Buhari’s long-awaited Cabinet appointments were one of the reasons that prompted IMF’s suggestion. The cabinet appointments are five months overdue and there are no economists on the cabinet list to advise the government on ways to improve revenue generation and the economy.
Last year, Nigeria’s central bank devalued the naira by 8% in November, and then fixed the official exchange rate at 198 to the US dollar. The bank also restricted access to foreign currency and banned a long list of imports to save the naira.
Nigeria is Africa’s biggest oil producer but its economy continues to struggle in the monetary markets. According to market players, one American dollar is currently valued at 222 naira in the exchange bureaus.
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