The Nigerian Government will seek to maintain a stronger and flexible naira to deal with the after effects of the Covid-19 pandemic.
In a Letter to the IMF signed by the Finance Minister, Zainab Ahmed and the Central Bank Governor, Godwin Emefiele, they said:
We are committed to maintaining this more unified and flexible exchange rate regime, which will operate in a market determined manner and be allowed to respond to shocks, with the Central Bank of Nigeria only intervening to smooth large FX fluctuations.
On Tuesday, 28th April. The IMF approved a Rapid Financing Instrument valued at $3.4 Billion as emergency funding for Nigeria’s Covid-19 response.