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 stabilize 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 is in line with research published on the IMF website on Tuesday by Bizwatch Nigeria. 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 believe that the country’s economic woes have been exacerbated by inflation, currency fluctuations, and a decline in foreign investment. The IMF’s Representative Exchange Rates list provides a benchmark for currencies, facilitating international trade and financial transactions.
“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, except for those indicated by (1), which are in terms of U.S. dollars per currency unit,” the report noted.
Other currencies listed in the Fund’s report include Asia: 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), and Brunei dollar (1.351100).
Europe: Euro (1.084200), U.K. pound (1.271450), 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)
North America: Canadian dollar (1.363500), Mexican peso (17.633800) U.S. dollar (1.000000), Trinidadian dollar (6.706100)
South America: Brazilian real (5.236700), Chilean peso (916.770000), Peruvian sol (NA), Uruguayan peso (38.786000)
Oceania: Australian dollar (0.664600), New Zealand dollar (NA)
Economic expert Jonathan Thomas said, “The absence of the Naira from this list may further undermine investor confidence in Nigeria’s economy.
“Nigeria’s economic struggles have been ongoing, with the country facing a daunting task of stabilising its currency and revitalizing its economy.
“The IMF has been working with Nigeria to implement economic reforms, but progress has been slow. The absence of the Naira from this list serves as a stark reminder of the country’s economic challenges,” he noted.
