BREAKING: IMF commends CBN for increasing Nigeria’s interest rates, says naira now showing sign of stability


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The International Monetary Fund (IMF) has commended the Central Bank of Nigeria for increasing interest rates, saying Nigeria’s currency, the naira is now showing signs of stability.

The IMF stated this in its global financial stability report launched during a press briefing in Washington DC on Tuesday.

According to the IMF, the sign of stability shown by the Naira is due to recent interest rate hikes and the clearing of foreign exchange backlogs by the CBN.

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