Naira Loses 10.6% Of Its Value Annually, Says IMF

The International Monetary Fund says the long-term rate of the depreciation of the naira equates to a loss of 10.6 per cent of its value annually since 1973.

According to the IMF, this rate is 1.5 times higher than the long-term rate of the currencies of other emerging market and developing economies at 7.2 per cent, and Sub-Saharan Africa at seven per cent over the same time period.

The Washington-based lender disclosed this in its ‘Nigeria: Selected Issues Paper’ report. According to the report, this is one of the reasons why Nigeria’s inflation rate is higher than that of its peers.

-Punch

About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

No comments yet... Be the first to leave a reply!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: