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

The article IV of the International Monetary Fund (IMF) report on Nigeria’s economy, published on Monday said the Nigerian economy is at a critical juncture. “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,” the report said. It added that Policy adjustment and reforms are urgently needed to navigate this crisis and change the long-running lackluster course. The IMF thus made key policy recommendations that cut across many sectors of the economy but with emphasis on Exchange Rate Policies and revenue mobilization. … Continue reading IMF Urges Nigeria to Further Devalue Naira, Asks CBN to Stop Playing the Role of Main FX Intermediator