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IMF says naira over-valued by 10 to 20 percent

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Jaafar Jaafar
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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Nigeria’s naira is over-valued by around 10 to 20 percent, the International Monetary Fund, IMF.

IMF’s country head stated this on Wednesday, when the organisation released a critical report on government efforts to boost growth in Africa’s largest economy.

“We do find there to be some over-valuation at this point of the naira, of the official currency, somewhere to the tune of 10 to 20 percent,” Gene Leon, IMF mission chief for Nigeria, said in a telephone media briefing.

In the report, the IMF urged Nigeria to introduce immediate changes to its exchange rate policy – characterised by central bank curbs, multiple exchange rates and an artificially high naira valuation – or risk “a disorderly exchange rate depreciation”.

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