International Monetary Fund has excluded Naira from the list of Representative Exchange Rate for Selected Currencies for June 2024.
The exclusion was as a result of fluctuation in exchange rate, lack of stability in value and other challenges faced by Naira.
The IMF’s Representative Exchange Rates list provides a benchmark for currencies, facilitating international trade and financial transactions.
The currencies listed by International Monetary fund include: 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) and lots more.
The list also contain some African currencies which include: Algerian dinar (134.492200), Botswana pula (0.072800), Mauritian rupee (46.478600), South African rand (18.697800).
“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,” the report said.
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