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IMF Wants Naira To Settle at N462 Officially

IMF Urges Nigeria to Further Devalue Naira, Asks CBN to Stop Playing the Role of Main FX Intermediator

The International Monetary Fund on Nigeria: “A weak pre-crisis economy characterized by falling per capita income, double-digit inflation, significant governance vulnerabilities and limited buffers, is grappling with multiple shocks from the COVID-19 pandemic,". Then, it went to ask for the government to further devalue the naira.

"IMF's latest estimates suggest an overvaluation of the real effective exchange rate (applied on the current level of the official exchange rate) of 18½ percent, with the external position assessed as substantially weaker than what is consistent with fundamentals and desirable policy settings." IMF.

Did you notice something? The IMF is not actually smarter: they just have thicker inks to print reports. Yes, Nigerians have since decided that USD is equal to N462 in the black market irrespective of whatever CBN is doing. The IMF wants the government to come to that number. Of course, it is a moving target, once CBN comes there, black market moves to N520.

Now you see why Bitcoin was rocking Nigeria!

Read the full piece from Samuel.