The Naira devaluation seems imminent as the United States intends to pressurize Nigeria to adopt a more flexible foreign exchange policy. Linda Thomas-Greenfield, the Secretary of State forAfrica said that this is necessary to boost U.S investment in the Nigerian economy. She said that Nigeria should ensure the value of the naira currency versus the U.S. dollar was more realistic and that the only people who are not working with the devalued naira, are people who are doing it officially. She said that discussions need to be held so as to look look at the exchange rate and try to make the exchange rate more realistic to what the value of the naira is to the dollar.Its reported that officials from the State Department, Pentagon and Treasury and their counterparts in the Nigerian government are slated to have a meeting on Thursday in Washington.
Some members of Nigeria’s central bank monetary policy committee have said the naira should be devalued but the  President Muhammadu Buhari has said devaluation will not bring any benefit whatsoever to the Nigerian economy. Thomas-Greenfield said the parallel currency market in Nigeria was alive and well, and warned that a rigid exchange rate, capital controls and import bans could undermine President Muhammadu Buhari’s efforts to expand economic growth and fight corruption.

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