The Naira has been excluded from the International Monetary Fund’s (IMF) Representative Exchange Rates for Selected Currencies list for June 2024.
The list on the IMF website includes currencies from various countries and features several African currencies such as the Algerian dinar, Botswana pula, Mauritian rupee, and South African rand. The IMF’s Representative Exchange Rates list is used as a benchmark for currencies, facilitating international trade and financial transactions.
According to Economic expert, Jonathan Thomas “The absence of the Naira from this list may further undermine investor confidence in Nigeria’s economy.”
He added that Nigeria’s economic struggles, including inflation, currency fluctuations, and a decline in foreign investment, have been ongoing, and this omission serves as a stark reminder of these challenges.