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