Moody's Says Nigeria May Keep Several Naira Rates Until 2020
- Merging the naria rates may accelerate inflation, Moody’s says
- Government likely to wait until new oil refineries are working
Photographer: Pius Utomi Ekpei/AFP via Getty Images
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Nigeria will probably maintain its system of multiple exchange rates, which the International Monetary Fund has long-urged it to scrap, until at least early 2020, according to Moody’s Investors Service.
Merging the naira’s various rates any sooner might force the government to weaken the currency and raise fuel prices, which would accelerate inflation, the ratings company said.