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Naira Overvalued By 20% says IMF
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Naira Overvalued By 20% says IMF

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The International Monetary Fund has said Nigeria’s economy needs urgent reform.

In a in a report published on Wednesday, it highlighted the risks to growth for the recession-hit country and the dangers of a volatile foreign exchange market.

The document, a report from the IMF staff which Reuters saw an earlier version of last month, outlined a raft of failings in the Federal Government’s handling of the economy and could affect at least $1.4bn in international loans.

The report expressed the issue in a more critical tone than the IMF’s board adopted in a statement last week, although it also said Nigeria should lift the remaining foreign exchange restrictions and scrap the system of multiple exchange rates.

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