IMF Requests CBN Let Banks Determine Dollar Rates.

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In order to increase the inflow of foreign money into the economy, the Central Bank of Nigeria (CBN) has been requested by the International Monetary Fund (IMF) to relinquish control and enable commercial banks to set dollar buy-sale prices.

The Bretton Woods organization reaffirmed the importance of maintaining a stable and market-clearing currency rate. For raising foreign investors’ faith in the economy.

The fund suggested that by mid-2023 as planned, it is urgently necessary to abolish gasoline subsidies completely and permanently, which disproportionately favor the wealthy.

Additionally, the IMF encouraged Nigeria to wind down the Asset Management Corporation of Nigeria (AMCON) by the end of 2023 and resolve weaker minor banks.


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