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24 February 2021

IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies – Economics Bitcoin News

IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies – Economics Bitcoin News


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The International Monetary Fund (IMF) resident representative for Nigeria, Ari Aisen recently discussed the Central Bank of Nigeria (CBN) directive that targets crypto entities.

However, during the same briefing, Aisen also calls on Nigerian monetary authorities to consider the “unification of foreign exchange rates.” While the CBN maintains the naira’s exchange against the US dollar at 380:1.

Meanwhile, by maintaining an overvalued exchange rate, the Nigerian government is able to easily meet its obligations.

Yet, on the other hand, this overvalued exchange rate is partly blamed for the plummeting monthly cross-border remittances into Nigeria.

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