IMF: CBN should step back as FX intermediator, allow banks to control dollar rates

The International Monetary Fund (IMF) has asked the Central Bank of Nigeria (CBN) to step back and allow commercial banks to determine dollar buy-sale rates to boost foreign capital flows to the economy.

IMF said this in its 2022 Article IV Consultation concluding statement after an official staff visit to Nigeria.

The Bretton Wood institution reiterated that a unified and market-clearing exchange rate remains critical to enhancing the confidence of foreign investors in the economy.

It added that administrative restrictions on current transactions fuel devaluation speculations and discourage capital inflow.

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