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
This article is for subscribers only.
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.