Naira is Overvalued, Not Worth Less than 400 Per Dollar- IMF

The International Monetary Fund, IMF, on Wednesday stated that the Nigerian Naira is overvalued. 

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.