Naira misses IMF exchange rate listing for June
The Naira has fallen short of making the International Monetary Fund's June 2024 list of Representative Exchange Rates for Selected Currencies, despite Nigeria's ongoing efforts to maintain its currency market.
A number of African nations are represented on the list, which covers currencies from all over the world, including the Algerian dinar (134.492200), Botswana pula (0.072800), Mauritius rupee (46.478600), and South African rand (18.697800).
This absence occurs at a time when there are still issues with Nigeria's currency, such as a volatile exchange rate and difficulty maintaining stability.
Experts surmise that a fall in foreign investment, inflation, and currency volatility have made the nation's economic problems worse.
A benchmark for currencies is provided by the IMF's Representative Exchange Rates list, which facilitates financial transactions and international trade.
The report stated, "With the exception of those indicated by (1), which are in terms of U.S. dollars per currency unit, these representative exchange rates, which are reported to the Fund by the issuing central bank, are expressed in terms of currency units per U.S. dollar."
Asia is one of the other currencies included in the Fund's study. The following exchange rates are available: Chinese yuan (7.246300), Japanese yen (157.150000), Indian rupee (83.065900), Korean won (1,381.600000), Kuwaiti dinar (0.306500), Omani rial (0.384500), Philippine peso (58.524000), Qatari riyal (3.640000), Saudi Arabian riyal (3.750000), Singapore dollar (1.351100), Thai baht (Not Available), U.A.E. dirham (3.672500), Brunei dollar (1.351100).
Europe: Czech koruna (22.798000), Danish krone (6.879700), Norwegian krone (NA), Polish zloty (3.950100), Russian ruble (89.375500), Swedish krona (10.517890), Swiss franc (0.901100), euro (1.084200), U.K. pound (1.271450),
North America: Mexican peso (17.633800), Canadian dollar (1.363500) The Trinidadian dollar (6.706100) and the US dollar (1.000000)
South America: Chilean peso (916.770000), Peruvian sol (NA), Uruguayan peso (38.786000), Brazilian real (5.236700).
Oceania: New Zealand dollar (NA), Australian dollar (0.664600) Jonathan Thomas, an economist, stated that the Naira's exclusion from this list could further erode investor trust in Nigeria's economy.
"Nigeria has been experiencing persistent economic difficulties, as the nation must work hard to stabilise its currency and boost its economy.
Nigeria and the IMF have been collaborating to execute economic changes, but the process has been sluggish. He said, "The Naira's exclusion from this list serves as a stark reminder of the nation's economic challenges." Nigeria has fulfilled its IMF commitments, with no unpaid balances.
