The International Monetary Fund (IMF) has offered an advice to the Central Bank of Nigeria (CBN) on exchange rate management, and how to solve the depreciation of the naira.
According to the institution, for Naira to find its value and also solve current forex crises, the CBN should empower commercial banks to set dollar buy-sale prices.
The IMF gave the advice in its 2022 Article 4 Consultation concluding statement.
IMF also insisted that continued forex shortages, a stabilised exchange rate regime, rising inflation, limited debt servicing capacity, and administrative restrictions on current transactions fuel devaluation speculations.
