The International Monetary Fund (IMF) recommends that the Government of Nigeria devalue its currency, the Naira. While this proposal, according to the IMF, could ensure macroeconomic stability in the country, it is not the best at the moment, according to the federal government

The Nigerian government and the International Monetary Fund (IMF) seem to be on the same page about the need to devalue the Naira. In its latest economic assessment of Nigeria, the IMF recommended exchange rate reforms to establish a unified rate and allow for greater flexibility, while calling for greater efforts to increase government revenue.
“A properly priced exchange rate and a clear exchange rate policy would also help build confidence and a private sector-led recovery.
Policy clarity is also important for attracting greater capital inflows, including foreign direct investment, which has declined significantly in recent years, and successful diversification,” the IMF report said. For their part, the leaders of Africa's largest economy believe that the current pressures are not linked to the exchange rate and a depreciation of the currency could exacerbate economic concerns such as inflation