Sunday, November 18, 2018

Tag "imf"

    Efforts to save the naira have crumbled, says IMF

Efforts to save the naira have crumbled, says IMF

The International Monetary Fund (IMF) says efforts to save the naira by rationing foreign exchange have gradually crumbled.The IMF also said the challenges around foreign exchange in Nigeria have pushed inflation to double digits in Africa's largest economy.This is coming a year after Christine Lagarde, IMF managing director, met with the main players in the Nigerian economy, including Kemi Adeosun, [...]

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    Lagarde will continue as our MD despite conviction, says IMF board

Lagarde will continue as our MD despite conviction, says IMF board

The executive board of the International Monetary Fund (IMF) says Christine Lagarde must continue with her "outstanding leadership", despite being convicted by a French court on Monday.Lagarde was convicted of negligence in the misuse of public funds, but after the IMF board reviewed her situation, it expressed its "full confidence" in her work.“The Executive Board met today to consider recent developments in the [...]

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    We’ll meet shortly to consider Lagarde’s fate, says IMF

We’ll meet shortly to consider Lagarde’s fate, says IMF

The International Monetary Fund (IMF) says it will be meeting shortly to consider the fate of its managing director, Christine Lagarde, who was convicted in France on Monday.In a statement emailed to TheCable, Gerry Rice, director of communications at the International Monetary Fund (IMF), said the board of the fund had met to consider the case against Lagarde and would [...]

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    Barkindo in Washington to talk US into OPEC deals

Barkindo in Washington to talk US into OPEC deals

Mohammad Barkindo, secretary-general of the Organisation of Petroleum Exporting Countries (OPEC), is currently in Washington to persuade the United States to collaborate with the cartel.Barkindo, who just presided over historic oil cuts by OPEC and non-OPEC states, is seeking to improve gains by bringing the US on board.Speaking at the Centre for Strategic and International Studies in Washington, Barkindo said: "The [...]

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    Lagarde: At this rate, economic gender inequality will not be closed in 170 years

Lagarde: At this rate, economic gender inequality will not be closed in 170 years

Christine Lagarde, managing director of the International Monetary Fund (IMF), says at the current rate of change, the world may not achieved economic gender equality (equal pay) in 170 years.Speaking at the Glamour awards in Los Angeles, where she was awarded woman of the year, Lagarde shared her own experiences, on gender cracks and successes; how she went from a [...]

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    IMF: If Africa will grow in 2017, Nigeria must act fast

IMF: If Africa will grow in 2017, Nigeria must act fast

The International Monetary Fund (IMF) says for sub-Saharan Africa to record its required growth in 2017, the oil exporters most short-changed by falling crude prices, such as Nigeria and Angola, must act fast.Speaking on IMF regional outlook for sub-Saharan Africa, Abebe Selassie, director of the IMF’s African department, disclosed that economic growth in sub-Saharan Africa in 2016 is set to slow [...]

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    Despite recession, IMF projects Nigeria as Africa’s largest economy – by far

Despite recession, IMF projects Nigeria as Africa’s largest economy – by far

Despite Nigeria facing its worst economic recession in 29 years, the International Monetary Fund (IMF) has projected the country as the biggest economy in Africa — ahead of South Africa and Egypt.In August 2016, Nigeria was reported to have lost its spot as Africa’s biggest economy to South Africa, following the recalculation of the country’s gross domestic product (GDP).“A recalculation using current exchange [...]

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    New development bank, $1.3bn SME fund…10 things Nigeria achieved at World Bank/IMF

New development bank, $1.3bn SME fund…10 things Nigeria achieved at World Bank/IMF

The World Bank/International Monetary Fund (IMF) meetings climaxed on Sunday, with the Nigerian delegation having made useful contributions to economic discourse on the world stage.At the end of the meetings, Kemi Adeosun, leader of the delegation and the country’s finance minister, alongside Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), gave an account of the country’s mission to Washington.As TheCable keenly followed [...]

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    Lagarde: Trade has become political football — and our founding fathers would be concerned

Lagarde: Trade has become political football — and our founding fathers would be concerned

Christine Lagarde, managing director of the International Monetary Fund (IMF), says if the founding fathers of the IMF were alive today, they would be concerned that trade has become political football.Speaking on the challenges of free trade and current transitions in global economy, Lagarde said it would have been great to call great thinkers of the past to help with [...]

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    IMF asks Nigeria to implement fresh structural adjustment

IMF asks Nigeria to implement fresh structural adjustment

The International Monetary Fund (IMF) has called on Nigeria to implement fresh structural adjustment programme in the face of dwindling revenues.Speaking in Washington on Friday, Abebe Selassie, director of the IMF’s African department, said the adjustment are needed to respond to current challenges.“There was adjustment in the exchange rate, but despite that the BDC rate is much weaker. As we [...]

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    Emefiele: Our meetings with China, IMF, World Bank will yield results

Emefiele: Our meetings with China, IMF, World Bank will yield results

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) says Nigeria is currently meeting with China, International Monetary Fund (IMF) and World Bank on its economic objectives.Speaking to journalists on the sidelines of the IMF/World Bank meetings in Washington, Emefiele said the country is in discussion with Chinese delegates on investing in Nigeria.“Basically, there is a lot of networking [...]

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    Adeosun: No need for IMF loan… We have no balance of payment problem

Adeosun: No need for IMF loan… We have no balance of payment problem

Kemi Adeosun, minister of finance, has revealed why Nigeria is insisting on not taking the International Monetary Fund (IMF) loan, in the face of pressing economic challenges.Adeosun, who spoke to journalists after the G-24 meeting at the IMF Headquarters in Washington, said it was a two-way street discourse that sought to solve mutual and specific problems.“They are hearing from us, what [...]

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    IMF offers zero interest loans to members facing challenges

IMF offers zero interest loans to members facing challenges

Christine Lagarde, managing director of the International Monetary Fund (IMF), says the fund is offering zero interest loans to all its members facing economic challenges.Speaking at a press briefing in Washington on Thursday, Lagarde said economic growth has been too low for too long, and IMF was stepping up with zero interest loan for those in need of loans.“Prospects for [...]

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    Blocking us from coal-fired power is hypocrisy, Adeosun tells western powers

Blocking us from coal-fired power is hypocrisy, Adeosun tells western powers

Kemi Adeosun, minister of finance, says it is hypocritical of the west and multilateral institutions to tell Nigeria not to use coal-fired power, which drove western industrialisation.Speaking at the International Monetary Fund (IMF) discourse on infrastructure in Africa, Adeosun recalled that western powers recently blocked a coal to power project in Nigeria.“The case, if you look at the numbers of [...]

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    IMF: Nigeria’s economic challenges create difficulties for its neighbours

IMF: Nigeria’s economic challenges create difficulties for its neighbours

The International Monetary Fund (IMF) says Nigeria is creating economic difficulty for its neighbours, being a very important of economy in the west African region.Speaking at a press briefing on the IMF Fiscal Monitor report in Washington, Catherine Pattillo, head, fiscal policy and surveillance division, IMF fiscal affairs department, said Nigeria's challenges were hurting its neighbours.“The slump in oil production and [...]

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    Follow TheCable for real-time updates from World Bank/IMF meeting

Follow TheCable for real-time updates from World Bank/IMF meeting

The International Monetary Fund (IMF) was one of the first institutions to forecast Nigeria's recession.IMF called on the country's leadership to apply for a loan facility to avoid or sail out of recession, but this hand of fellowship has been consistently declined.With recession breathing down our necks, oil prices fluctuating and foreign loans difficult to secure, Nigeria is limited to asset sale [...]

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Exchange Rates

November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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