The International Monetary Fund (IMF) has praised President Bola Tinubu’s administration for implementing key foreign exchange reforms that have stabilized Nigeria’s currency, the naira.
These reforms include unifying exchange rates and reducing deficit financing by the Central Bank of Nigeria, which have helped restore confidence in the financial system.
As a result, foreign exchange liquidity has improved significantly, narrowing the gap between official and parallel market rates. The naira has become more stable, supported by increased foreign currency inflows and rising international reserves.
The IMF also acknowledged efforts to strengthen the banking sector through higher minimum capital requirements and initiatives to boost financial inclusion, including expanded access to digital financial services.
Despite these achievements, the IMF warned that challenges such as high inflation, insecurity, and infrastructure deficits persist. It urged continued reforms in agriculture, power supply, and governance to sustain economic growth and resilience.
The Central Bank Governor described the IMF’s report as a reaffirmation of the bank’s responsible and forward-looking policies, emphasizing that the positive outcomes reflect disciplined economic management.
The IMF’s endorsement highlights the impact of the Tinubu administration’s economic reforms in stabilizing the naira and improving investor confidence in Nigeria’s economy.
