The Central Bank of Nigeria
needs to devalue the naira by adjusting the official exchange rate of
N199/dollar to a more market-determined exchange rate, the International
Monetary Fund has said.
This position sharply differs from that of President Muhammadu Buhari, who insisted that Nigeria would not devalue the currency.
A former Secretary-General of the Commonwealth of Nations, Chief Emeka Anyaoku, has, however, warned that naira devaluation could trigger an economic disaster for the country, urging Buhari not to yield to pressure to devalue the currency.
