Gene Leon, IMF mission chief for Nigeria, said this according to a report from Reuters.
According to Mr. Leon, the naira overvaluation is “somewhere to the tune of 10 to 20 per cent.”
This means the naira should exchange for more than the amount it is being exchanged for at the moment. The currency on Wednesday exchanged for 398 per dollar at the parallel market.
Mr. Leon also added that FG's 2017 projections for non-oil revenues are more optimistic than the IMF’s, and that the Muhammadu Buhari government needs to increase tax levels to diversify its income. Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com