The Executive Board of the International Monetary Fund (IMF) has called for the implementation of reforms, including the devaluation of the Nigerian Naira in order to shield the country from risks presented by uncertainties characterizing the economy.
The call follows the IMF directors concluding the Article IV consultation 1 with Nigeria last week.
According to IMF, during the consultation, executive directors commended the authorities for progress in promoting Nigeria’s economic diversification and for their macroeconomic response to collapsing export prices.
According to the statement, the directors agreed that tightening fiscal policy and allowing the exchange rate to depreciate while using some of the reserve buffer were appropriate responses to the recent fall in oil prices.
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