The International Monetary Fund (IMF) has said the naira was overvalued by 18.5 per cent at the official market. The Fund called on the Central Bank of Nigeria (CBN) to establish a more transparent and market-based exchange rate policy to instil confidence in the market. The advice was contained on IMF Article IV Consultation with Nigeria, released yesterday. The naira exchanges at N379 to a dollar at the official market, data from the CBN website showed. The IMF Executive Board, which visited Nigeria, released its findings on Nigeria’s economy to…
Read MoreIMF: Naira overvalued at official market
