IMF SEEKS UNIFIED EXCHANGE RATE FOR NAIRA

Written by on November 30, 2020

THE INTERNATIONAL MONETARY FUND (IMF) HAS URGED THE CENTRAL BANK OF NIGERIA (CBN) TO GET THE COUNTRY A UNIFIED EXCHANGE RATE FOR THE NAIRA.

IT REMAINED STABLE AT N378 TO DOLLAR ON THE CBN’S OFFICIAL RATE.

THE NAIRA WAS ON SUNDAY EXCHANGING AT N500 TO DOLLAR AT THE PARALLEL MARKET.

THE CURRENCY GOT TO A LONG-TIME LOW AFTER WEAKENING BY N4 FROM N496 TO DOLLAR IT CLOSED ON FRIDAY.

THE IMF SAID THE NIGERIAN ECONOMY IS STRUGGLING WITH MULTIPLE SHOCKS, AND IS EXPECTED TO GROW BY -4.3 PER CENT IN 2020 BEFORE A MODEST RECOVERY IN 2021(1.7 PER CENT).

THE IMF SAID EXCHANGE RATE RIGIDITIES HAVE CONSTRAINED THE ECONOMY’S ABILITY TO ABSORB EXTERNAL SHOCKS. IT CALLED FOR UNIFIED EXCHANGE RATE FOR THE NAIRA TO PROMOTE GROWTH AND ATTRACTIVE FOREIGN CAPITAL.


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