The International Monetary Fund (IMF) has warned that the exchange rate of the Naira may further depreciate by about 35 per cent this year, adding that this could lead to inflation rate peaking at 44 per cent before the monetary policy tightening could bring the situation under control. IMF disclosed this in its February 2024 Post–Financing Assessment and Staff Report, …

The chairman, Board of Trustees (BOT) of the Centre for Transparency Advocacy, Dr. Chima Amadi, yesterday said economic remedies from the International Monetary Fund (IMF) and the World Bank cannot revive the Nigerian economy. He also said the policies of the two international financial institutions may not be able to raise 200 million Nigerians out of poverty. He asked the …

The recent proposal by the International Monetary Fund (IMF) to the Nigerian government, suggesting tax hikes as a means to finance the national budget and pay off public debts has sent shockwaves through the Nigerian business community and consumer groups. In response, a formidable alliance of businesses and entrepreneurs in Nigeria is pushing back, recognising the threat the proposal poses …

The Naira yesterday recorded its first closing gain of N39/$1 at the Investors and Exporters (I&E) window following the unification of exchange rates into the I&E window by the Central Bank of Nigeria (CBN). The Naira, which closed at N702/$1 on Thursday came back strong yesterday, closing at N663/$1, a N39/$1 appreciation, according to data from FMDQ Group. The policy, …

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva has cautioned about the unforeseeable “consequences” that could be brought about by the Central Bank Digital Retail Currencies (CBDC). In a 1st May interview at the Milken Institute’s 2023 Global Conference last Monday, Georgieva considers retail CBDCs to have far more room for error than wholesale CBDCs. She said: …

The International Monetary Fund (IMF) has expressed disapproval of subsidy policies for certain commodities in Nigeria, Kenya, and other countries in Sub-Saharan Africa, giving reasons why it should be scrapped. At the just concluded World Bank and IMF Spring meetings in Washington DC, United, IMF’s Director of African Department, Mr Abebe Selassie, however, indicated that the institution would not interfere …

As the 2023 edition of the World Bank Group (WBG) Spring meetings draw to a close today in Washington DC, United States of America, Nigeria’s participation, for the first time ever, appears to have been coloured with policy protest coming from civil society groups. On the sidelines of the meetings, Executive Director of Civil Society Legislative Advocacy Centre (CSLAC), one …

The International Monetary Fund (IMF) has urged the Central Bank Nigeria (CBN) to continue to tighten monetary policy rates to rein in inflation. The IMF Director of Research Department, Pierre-Oliver Gourinchas said this while releasing the World Economic Outlook report at the ongoing IMF/World Bank Spring meetings in Washington DC. The fund in its World Economic Outlook (WEO) ‘A Rocky …

The latest prediction of the International Monetary Fund (IMF) that a third of the global economy will enter another recession in 2023 is unsettling news for Nigeria’s economy, which has consistently wasted chances to achieve growth and sustainable development. The World Bank has also decreased its projection for numerous regions. It estimates the rise in per capita income in sub-Saharan …

The International Monetary Fund (IMF) has reiterated its commitment to tackling food crisis and payment challenges facing the global economy. Its Managing Director, Ms. Kristalina Georgieva, stated this after the IMF’s Executive Board approved a new Food Shock Window under its emergency financing instruments, the Rapid Credit Facility and Rapid Financing Instrument. “The new financing window will provide additional access …