While Nigeria implements measures to stabilise its exchange rate and economy, the local currency Naira has been omitted from the International Monetary Fund (IMF) list of Representative Exchange Rates for Selected Currencies for June 2024.
The List which was published on IMF’s official website on Tuesday features several African countries’ currencies like the Algerian dinar (134.492200), Botswana pula (0.072800), Mauritian rupee (46.478600), South African rand (18.697800), amongst those other from other continents.
Reacting to the omission of the Nigerian Naira, Economic Expert, Jonathan Thomas, said that the development could reduce foreign investors’ confidence in Nigeria’s economy
“The absence of the Naira from this list may further undermine investor confidence in Nigeria’s economy.
“Nigeria’s economic struggles have been ongoing, with the country facing a daunting task in stabilising its currency and revitalising its economy.
“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,” he said.
Other economic experts have also explained that the omission of the Naira was due to the high rate of inflation and the decline in foreign investments. The IMF’s Representative Exchange Rates list provides a platform for currencies, facilitating international trade and financial transactions.
Other currencies listed in the Fund’s report included; Asia: 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).
Europe: Euro (1.084200), U.K. pound (1.271450), Czech koruna (22.798000), Danish krone (6.879700), Norwegian krone (NA), Polish zloty (3.950100), Russian ruble (89.375500), Swedish krona (10.517890), Swiss franc (0.901100)
North America: Canadian dollar (1.363500), Mexican peso (17.633800) U.S. dollar (1.000000), Trinidadian dollar (6.706100)
South America: Brazilian real (5.236700), Chilean peso (916.770000), Peruvian sol (NA), Uruguayan peso (38.786000)
Oceania: Australian dollar (0.664600), New Zealand dollar (NA).