LAGOS, April 5 Nigeria's naira is over-valued by
around 10 to 20 percent, the International Monetary Fund's
(IMF's) country head said on Wednesday, when the organisation
released a critical report on government efforts to boost growth
in Africa's largest economy.
"We do find there to be some over-valuation at this point of
the naira, of the official currency, somewhere to the tune of 10
to 20 percent," Gene Leon, IMF mission chief for Nigeria, said
in a telephone media briefing.
In the report, the IMF urged Nigeria to introduce immediate
changes to its exchange rate policy - characterised by central
bank curbs, multiple exchange rates and an artificially high
naira valuation - or risk "a disorderly exchange rate
(Reporting by Alexis Akwagyiram; Writing by Paul Carsten;
Editing by Larry King)