IMF don warn Nigeria against four different exchange rate for Dollar

US DOLLAR Image copyright AFP/GETTY

International Monetary Fund (IMF) don advise Nigeria to get one exchange rate, instead of di four different one di kontri get.

E go make sure say di market where buying and selling foreign money with Nigeria Naira dey steady, according to Director of African Department, IMF Abebe Selassie wey chook mouth on top Nigeria exchange rate mata.

Wetin dey happen be say Nigeria get special price dem dey take sell Dollars to Muslim pilgrims wey dey go Saudi Arabia, anoda price dey for oil marketers, anoda for pipo wey wan travel abroad and di one for school fees payment dey different.

How Nigeria fit get one market where buying and selling foreign money with Nigeria Naira?

Ayodele Momodu wey be Professor of economics say if to say Nigeria bin plan dis arrangement of four different exchange rate to last for like 6 months to 1 year, e for dey easy.

'E no even make sense say na tins like Muslim pilgrims wey dey go Saudi Arabia, or reduce moni for oil marketers wey wan use dollar import petrol wen refinery no dey work, or reduce moni for pipo wey wan travel and pay school fees abroad'.

'But as e be so, notin don improve from oil refinery to manufacturing for di kontri and dis kain arrangement no go even free di market', na wetin Momodu talk.

E say di solution na to 'tell ourselves di truth say dis exchange no be wetin goment fit sustain for long time and goment suppose reduce import for manufacturing sector wella, even import for fertilizer must reduce.

Image copyright Getty Images
Image example World Bank believe say N5,000 na 25% of wetin poor Nigerians need to spend for di month

Why Nigeria get four different Exchange rate?

Na special arrange wey Central Bank of Nigeria (CBN) bin introduce to make sure say di Naira sell for steady amount against oda kontri moni.

But di IMF say di kontri still need to arrange simple exchange rate from now on so dat dem fit do dia money mata wella.

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