IMF Advises CBN to Drop FX Market Restrictions

The International Monetary Fund, IMF, on Thursday advised the Nigerian government on ways to ease its economy out of recession.

The IMF urged Nigeria to lift its remaining foreign exchange restrictions and scrap its system of multiple exchange rates.

This would boost investor confidence and help the economy on its way to recovery, IMF said according to Reuters.

IMF said its directors "urged the authorities to remove the remaining restrictions and multiple currency practices, thus unifying the foreign exchange market and helping regain investor confidence".