Despite reforms, Naira remains weak – IMF

The International Monetary Fund (IMF) has reported that the Naira is undervalued by 25.6 percent, despite the implementation of ongoing foreign exchange reforms in Nigeria. According to the IMF's latest Article IV consultation report, the Real Effective Exchange Rate (REER) model indicates that the Naira continues to trade below levels that would be considered justified. This assessment highlights the challenges facing Nigeria's currency amid efforts to stabilize its value in the foreign exchange market.

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