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“The recent removal of the official exchange rate from the CBN website and measures to enhance transparency in the setting of the NAFEX exchange rate is encouraging. The mission recommended maintaining the momentum towards unifying all exchange rate windows and establishing a market-clearing exchange rate.
According to the IMF executive, the team noted that the fiscal deficit of “the consolidated government is expected to remain elevated at 5.5 per cent of the gross domestic product ” with downside risks to the near-term that may arise from further deterioration of security conditions and the uncertainty caused by the COVID-19 pandemic.
“The Nigerian economy has started to gradually recover from the negative effects of the COVID-19 global pandemic.”
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