IMF presses Nigeria to devalue naira

The Nigerian government is under pressure to devalue  the Naira in the midst of the political and economic instability.

One analyst (Garba Kurfi, managing director of APT Securities and Funds) posits that there’s no one with the economic clout to guide the reform required on the President’s ministerial list. He said ” There’s no economist on the (Cabinet) list that can suggest to the government ways to improve revenue generation and how to run the economy.”

In the past year, the value of the naira has decreased by 25%,  the stock market fell by 14% this year after falling by 20% last year.

The International Monetary Fund’s Africa director, Antoinette Sayeh argues that the restrictions favored by the Godwin Emefiele led Central Bank are “quite detrimental”. She also called for their review  and for officials to “permit the exchange rate to continue to adjust.”

Source: The AP