IMF expresses support for Nigeria’s New Policy reform on foreign Exchange management

The International Monetary Fund has expressed support for the newly announced policy reform in the nation’s foreign exchange management.

The IMF Resident Representative in Nigeria, Ari Aisen in a statement says the fund welcomes the authorities’ decision to introduce a unified market-reflective exchange rate regime in line with its long-standing recommendations.

The statement adds that the IMF stands ready to support the new administration in its implementation of FX reforms.

The Central had two days ago announced a unification of foreign exchange rates in compliance with President Bola Tinubu’s inaugural address where he said multiple rate regime will be abolished along with other reforms in Monetary Policy.

The IMF had consistently called for an abolition of multiple forex rate regime in Nigeria.