Nigeria should devalue the Naira again, the International Monetary Fund (IMF), after a consultation with govt official last week has urged, saying the action will protect the country from potential harm during a trying time for its economy.

Ventures Africa reports:

The International Monetary Fund (IMF), after concluding the Article IV consultation 1 with Nigeria last week, has pointed out the need for the implementation of reforms to include the devaluation of the Naira. This is in order to protect the country from potential harm during a trying time for the economy.

According to IMF, in the course of the consultation, executive directors commended the authorities for development in boosting Nigeria’s economic diversification and for their macroeconomic response to falling export prices.

“Directors noted, however, that vulnerabilities remain high in view of the uncertainties about oil price, security, and the political situation, and concurred that additional policy adjustments and broader structural reforms will be necessary in the period ahead to reconstitute buffers, mitigate risks, and meet pressing development needs,” IMF Executive Board stated in a press release.

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