Further, the IMF’s concluding statement suggested that the central bank's influence or control of foreign exchange markets needs to be curtailed. CBN NairaDevaluation
Further, the IMF’s concluding statement suggested that the CBN’s influence or control of foreign exchange markets needs to be curtailed.
“In the medium term, the CBN should step back from its role as main FX intermediator, limiting interventions to smoothing market volatility and allowing banks to freely determine FX buy-sell rates,” the IMF statement explained.Despite expressing its concerns about Nigeria’s exchange rate policy, the global lender’s concluding statement still lauds the CBN for tightening liquidity and curbing “inflationary pressures through increasing the monetary policy rate by a cumulative 400 basis points.
is often adopted by central banks when prices are rising too fast or when an economy is growing quickly. However, in the statement, the IMF mission insisted that overall conditions remain accommodative — Nigeria’s of 15.5% is below the inflation rate which peaked at 21.1% in October. The global lender’s mission also said that the funding for the country’s budget and as well as the central bank’s “directed lending schemes continue to drive strong monetary expansion.”
On financial inclusion, the IMF mission said Nigeria “continues to fall short of its inclusion targets, particularly in access to financial products.” However, the mission commended the CBN’s plan to launch a regulatory sandbox for fintech. It also urged authorities to “provide more targeted training in using financial products, and extend the e-naira further to the unbanked population.
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