The International Monetary Fund (IMF) welcomes Nigeria’s unified market-reflective exchange rate regime.
The IMF Resident Representative in Nigeria, Ari Aisen, said in a statement in Abuja on Friday that the Fund would give the country every support necessary to succeed.
Shortly after his assumption of office, President Bola Tinubu directed the Central Bank of Nigeria (CBN) to ensure a single foreign exchange market rate was establish in the country.
On Wednesday, the apex bank floated the Naira by announcing a unified foreign exchange rate
channeling every request for dollars to the Investors & Exporters (I&E) window.
The IMF hailed the development, saying it aligned with its long-standing recommendation to bolster the country’s economy.
“The Fund greatly welcomes the authorities’ decision to introduce a unified market-reflective exchange rate regime in line with our long-standing recommendations. We stand ready to support the new administration in its implementation of FX reforms,” Aisen said.
