The international Monetary Fund (IMF) sees the Nigeria’s new foreign exchange policy as a welcome development, but calls for caution.Speaking at a press conference in Washington DC, Gerry Rice, IMF spokesman, said the decision taken by the Central Bank of Nigeria (CBN) to remove the currency peg is an important step for the economy.“On Nigeria, however, I think the announcement [...]
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Moses Tule, director of monetary policy department of the central bank of Nigeria (CBN), says Christine Lagarde, managing director of the IMF, knows too well to say or think that President Muhammadu Buhari decides for the CBN.Speaking with TheCable on Friday, Tule said governments all over the world do not like to dabble into monetary policy decisions made by central banks.When [...]
Christine Lagarde, managing director of the International Monetary Fund (IMF), says Nigeria’s economic situation is alarming, calling for a flexible exchange rate regime.Speaking on the World Bank/IMF special edition of BBC’s HardTalk anchored by Stephen Sackur, Lagarde said Nigeria has huge potential, especially in her youth.Largade maintained that IMF was ready to help Nigeria, appealing to President Muhammadu Buhari to take [...]
Christine Lagarde, managing director of the International Monetary Fund (IMF), says Nigeria should seek economic help from international institutions.Speaking at the IMF conference hall in Washington DC on Thursday, Lagarde said Nigeria needs to be open-minded on foreign exchange, and swiftly approve the 2016 budget.“Our recommendation is that Nigeria seeks help from the international institutions that can best help,” she [...]
Kemi Adeosun, minister of finance, called for sustainable and inclusive growth for Africa at a high level G20 finance ministers seminar held in Paris, France capital, on Thursday.The ministers met to discuss current challenges to the international financial architecture and ways of combating macroeconomic volatility.The high level seminar also assessed volatility in capital flows and their impact on global economic [...]
Nigeria’s foreign exchange reserves has risen for the first time in five months and the second time since President Muhammadu Buhari assumed office.According to the latest data from the Central Bank of Nigeria (CBN), the reserves experienced a rise of $13 million.The reserves, which rose by $350 million in August 2015, was on the upside again on Monday, surging from [...]
Christine Lagarde has been re-elected managing director of the International Monetary Fund (IMF), and is set to lead the body for the next five years.After her announcement by the executive board on Friday, Lagarde expressed appreciation for the trust reposed on her to lead again.“I have been honoured to serve in the past five years, I greatly appreciate the continued trust [...]
Despite stringent measures to conserve foreign exchange, the Nigerian foreign exchange reserves fell by $954,581,406 in the past one month.According to the latest figures from the Central Bank of Nigeria (CBN), the reserves fell below $28 billion for the first time since August 2005, when it stood at $26.951 billion.The reserves opened 2016 at $28.978 billion on January 4, and [...]
Christine Lagarde, managing director of the International Monetary Fund (IMF), says Nigeria needs to adopt a "sensible" foreign exchange policy as it strives to fend off external economic shocks.Speaking at a press conference in Washington, Lagarde said the IMF was willing to give loans to Nigeria, Azerbaijan and other member countries if they get to need it.“The IMF remains available [...]
Christine Lagarde, managing director of the International Monetary Fund (IMF), on Friday, said she would run for a second term.Speaking at the World Economic Forum in Davos, Switzerland, Lagarde said she had no obvious challengers and was open to serving another term.“I am a candidate to a new mandate. I was honoured to receive from the start of the process, [...]
Femi Falana, a senior advocate of Nigeria, says Christine Lagarde, managing director of the International Monetary Fund (IMF), lacks the moral integrity to recover Nigeria’s loot locked in foreign countries.Speaking at the Osun State University, Ifetedo, on Wednesday, Falana highlighted the issues Lagarde herself was facing in her home country.“The managing director of the International Monetary Fund, Christine Lagarde stated [...]
Senate President Bukola Saraki says the senate has asked the central bank to review its forex policy.He made the disclosure on Wednesday while assuring Christine Lagarde, the managing director of the IMF, that the senate is expanding Nigeria’s tax base.“After series of engagements with SME owners who are affected by the current CBN policy on Forex, the senate have advised [...]
Christine Lagarde, managing director of the International Monetary Fund (IMF), says Nigeria’s value added tax is the smallest in the west African region, appealing to the senate to work out the modalities for improving it.In her meeting with lawmakers in Abuja on Wednesday, Lagarde said Nigeria’s economy has “a large regional footprint and its fortunes affect that of its neighbors, especially [...]
It is a new year, but the same old story of falling reserves has refused to go away, with the Nigerian forex stock falling by $91,571,740 in 24 hours.The $91.6 million fall in Nigeria’s reserves is about the biggest decline since the Central Bank of Nigeria (CBN) implemented the use of bank verification number (BVN) in forex trading.According to the latest [...]
Christine Lagarde, managing director of International Monetary Fund (IMF), on Tuesday said her visit to Nigeria was not meant to negotiate loans but rather to promote fiscal discipline and favourable monetary policies.Lagarde said this while fielding questions from state house correspondents after a closed-door meeting with President Muhammadu Buhari.She said that she had an “excellent discussion’’ with Buhari on the [...]
President Muhammadu Buhari says under his watch, ministers will fully account for all funds that get into their coffers.Speaking on Tuesday when he Received Christine Lagarde, managing director of the International Monetary Fund (IMF), at the presidential villa in Abuja, Buhari said his administration would look inwards to stop financial leakages and adopt global best practices in generating more revenue to mitigate [...]
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