The International Monetary Fund (IMF) has published its Representative Exchange Rates for Selected Currencies for June 2024, and Nigeria’s Naira is notably absent from the list.
The list features currencies from various countries, including several African nations like Algeria, Botswana, Mauritius, and South Africa.
This omission comes as Nigeria struggles to stabilize its exchange rate, facing challenges such as inflation, currency fluctuations, and declining foreign investment.
The IMF’s list provides a benchmark for international trade and financial transactions, and the absence of the Naira may further undermine investor confidence in Nigeria’s economy.
Economic experts believe that Nigeria’s economic woes have been exacerbated by its inability to maintain a stable currency, and the country faces a daunting task in revitalizing its economy.
Although Nigeria has met its IMF obligations with no outstanding payments, progress on economic reforms has been slow. The exclusion of the Naira from this list highlights the country’s ongoing economic challenges.