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Nigeria Disagrees With Advice to Devalue Naira, IMF Says

  • IMF calls for more adjustments to foreign-exchange market
  • Adequate vaccines critical to economy’s recovery: lender
    
Photographer: Jean Chung/Bloomberg

Nigeria’s government disagrees with the International Monetary Fund’s recommendations that it further marks down its currency that’s more than 18% overvalued to ease external imbalances, the Washington-based lender said.

President Muhammadu Buhari’s administration sees currency pressures stemming from global outflows caused by the coronavirus pandemic and believes another depreciation would add to double-digit inflation, according to the IMF’s Article IV report for the country that was published Monday.