According to the International Monetary Fund (IMF)’s mission concluding statement, Nigeria’s rising inflation rate as well as the continuing shortage of foreign currency are fueling the naira devaluation speculations. To achieve a unified naira exchange rate, the global lender said Nigeria needs to dismantle “the various exchange rate windows at the CBN [Central Bank of Nigeria]”
The Widening Gap Between the Official and Parallel Market Exchange Rate
The International Monetary Fund (IMF) has said Nigeria’s foreign currency shortages, the rising inflation, and the country’s limited debt servicing capacity are fueling naira devaluation speculations. This, in turn, hinders the “much-needed capital inflows, encourages outflows and constraints private-sector investment.”
In the global lender’s staff concluding statement of the 2022 Article IV Mission, the IMF reiterated its call on Nigerian financial authorities to consider moving “towards a unified and market-clearing
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