IMF Approves Unified Exchange Rate for Nigeria

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The International Monetary Fund (IMF) has recommended a unified exchange rate to strengthen Nigeria’s macro economy and external reserves.

IMF Representative for Nigeria, Mr Ari Aisen, listed this among other IMF policy recommendations in a keynote address at the quarterly meeting of the Financial Market Dealers Association (FMDA), hosted by First Bank Limited recently.

Also, Aisen canvassed complementary macroeconomic and structural policies to preserve competitiveness gains from any exchange rate adjustment in the country.

In corroboration, the Managing Director/CEO, First Bank of Nigeria Limited, Mr Gbenga Shobo, said the Nigerian financial market has evolved over the years and the time has come to build strategies to bring desired results for all to see and benefit from it.

Further, the Executive Director, Chief Risk Officer, First Bank Limited, Olusegun Alebiosu, said the bank was committed to supporting federal government efforts to drive economic growth.

He added, “And we are optimistic that the 2023 economy will grow generally because Nigerians are resilient, smart, and hardworking people that always come out with smart innovations. It is promising that something great will come through the economy in 2023”.

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