The World Bank has blamed Nigeria’s enduring foreign exchange instability on the fixed exchange regime in the official forex market.
In a publication on African economies titled ‘Africa’s Pulse,’ the World Bank singled out Nigeria and Angola as two countries that had yet to experience stability in the forex market despite rebound in the prices of commodities being exported.
The report also mentioned Nigeria as one of the countries in the region where there are substantial risks in the banking sector due to a number of factors, including non-performing loans and policy uncertainties.
On inflation, the report stated that although inflation remains very high in the region, it had started to ease but singled out Nigeria and Angola as two countries where inflation is rising as a result of depreciation of currencies in the parallel exchange market.
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