Nigeria operates a multiple exchange rate regime, which the cenbank has defended but the IMF has faulted the multiple exchange rate regime and asked the country to unify its exchange rate. IMFNews Lagarde IMFSpokesperson IMFLive
Nigeria operates a multiple exchange rate regime, which the Central Bank of Nigeria has defended. But the International Monetary Fund has faulted the multiple exchange rate regime and asked the country to unify its exchange rate. The IMF says a unified exchange rate will impact the country’s economy more positively than the multiple exchange rate regime.
Global trends suggest that countries with multiple exchange rates struggle to see their economic growth recover and trade pick-up after a crisis. Countries with multiple exchange rates on average also experience higher inflation. With lowering inflation and boosting growth as focal points for Nigeria, unification of the exchange rate can bring major gains.
How do you measure Nigeria’s economic progress in terms of its multiple exchange rates, against the experience of countries such as Brazil and Egypt? The IMF’s view is that Nigeria’s long-term economic potential will be improved significantly with exchange rate unification as it removes distortions, provides greater clarity to economic operators and a level playing field. However, as stated in the past, this is not a panacea by itself as it needs to be part of a tight monetary policy that keeps inflation in check.
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