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IMF Mission: Nigeria’s Rising Inflation, Foreign Exchange Shortages and Devaluation Speculation


According to the International Monetary Fund’s mission closing statement, Nigeria’s rising inflation rate and the continued shortage of foreign currency are the main reasons for the naira’s devaluation speculations. The global lender stated that Nigeria must eliminate “the different exchange rate windows at CBN [Central Bank of Nigeria]” in order to achieve a unified currency rate.



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