Friday, July 12, 2019

Tag "imf"

    IMF on CBN’s new FX policy: Let’s wait and see

IMF on CBN’s new FX policy: Let’s wait and see

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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    Recession may force Nigeria to seek IMF loan, says FXTM analyst

Recession may force Nigeria to seek IMF loan, says FXTM analyst

Lukman Otunuga, a research analyst with ForexTime, a leading forex broker specializing in currency, stocks and commodities trading, says Nigeria may be forced to seek a loan facility from the International Monetary Fund (IMF), if the country enters a recession.The Central Bank of Nigeria Monetary Policy Committee (CBN MPC) had said at its last meeting that an economic recession was [...]

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    70m Nigerians excluded from banking sector, says IMF

70m Nigerians excluded from banking sector, says IMF

The International Monetary Fund (IMF) says 40 percent of Nigeria’s 180 million citizens are excluded from conventional banking, with only 36 percent covered by the formal banking sector.IMF adds that another 12 percent of the population use informal banking modes to safe their monies, while another 12 percent use neither the semi-formal banks.“It is the topic for policymakers in almost [...]

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    IMF: Nollywood is Nigeria’s second biggest employer

IMF: Nollywood is Nigeria’s second biggest employer

The International Monetary Fund (IMF) corroborates the hitherto unconfirmed stance, that the Nigerian film industry, better known as Nollywood, is the second biggest employer in Nigeria.The IMF, in its Finance and Development magazine titled “Africa growth’s ups and downs”, says Nollywood employs over one million people in the country.“After decades of slow growth, Nollywood, one of the largest film industries [...]

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    IMF: Nigeria’s economy will grow faster than Saudi’s in 2016

IMF: Nigeria’s economy will grow faster than Saudi’s in 2016

The International Monetary Fund (IMF) says Saudi Arabia’s economy will grow by 1.2 percent in 2016, slower than Nigeria’s 2.3 percent projected growth.The IMF team led by Tim Callen held discussions from May 1 to May 12 on the 2016 Article IV Consultation with Saudi Arabia.At the conclusion of the mission, Callen said: “The decline in oil prices is affecting [...]

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    Devaluation, ‘Occupy Nigeria’… 7 things to expect now that petrol is selling for N145

Devaluation, ‘Occupy Nigeria’… 7 things to expect now that petrol is selling for N145

To the surprise of a large percentage of even the best of analysts, the federal government finally "liberalised" the pricing of petrol on Wednesday. It will now sell for N145 per litre to encourage marketers to resume importation.This is coming four years after former president Goodluck Jonathan tried the same policy but was vehemently opposed by protesters, leading to the "Occupy Nigeria" [...]

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    Sub-Saharan Africa to outgrow Nigeria in 2016

Sub-Saharan Africa to outgrow Nigeria in 2016

Nigeria's economy will be growing at a slower pace in 2016 than sub-Saharan Africa's as a whole, the International Monetary Fund (IMF) said on Tuesday.After an extended period of strong economic growth, sub-Saharan Africa is set to experience its lowest economic growth rate in 15 years – yet the region's growth will outpace Nigeria's.According to its April 2016 regional economic outlook [...]

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    These are the 15 fastest growing economies in Africa — and Nigeria is NOT one

These are the 15 fastest growing economies in Africa — and Nigeria is NOT one

Having enjoyed blissful growth over the past decade, Nigeria was one of the fastest growing economies in the world, but it is not one of the 15 fastest growing economies in Africa for 2016.In 2014 and early 2015, Nigeria was named the third fastest growing economy in the world by CNNMoney, with China and Qatar, taking the lead at 7.3 [...]

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    Buhari: Naira was strong till I was removed in ’85

Buhari: Naira was strong till I was removed in ’85

President Muhammadu Buhari has restated his aversion to devaluation, recalling that the naira was strong until he was removed as head of state in 1985.Speaking in Abuja on Friday at a meeting with members of the council of retired federal permanent secretaries, the president insisted that he was yet to be convinced that the vast majority of ordinary Nigerians would  derive any [...]

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    Gates warns health funding could stop in Nigeria

Gates warns health funding could stop in Nigeria

Bill Gates, the world’s richest man, says development plans by leading financial institutions and philanthropies may be affected by oil prices in Nigeria, leading to a lack of funding for key sectors such as health.Speaking on a new vision for financing development at the World Bank/IMF meetings in Washington, Gates said the world needs to maintain development financing.Speaking about the global economy and [...]

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    Adeosun: Raising VAT will penalise the innocent

Adeosun: Raising VAT will penalise the innocent

Kemi Adeosun, minister of finance, says raising value added tax (VAT) would be penalising those who pay, maintaining that it is better to bring more people into the tax net.Speaking at a press conference in Washington, Adeosun said the VAT compliance rate for Nigeria stands at 10 percent, when 50 percent of Nigeria’s gross domestic product is derived from “VAT-able services”.“On [...]

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    But for Emefiele’s policies, Nigeria would have taken IMF loan, says CBN director

But for Emefiele’s policies, Nigeria would have taken IMF loan, says CBN director

The Central Bank of Nigeria (CBN) has said Nigeria would have been at the mercy of the International Monetary Fund (IMF) if Godwin Emefiele,  its governor, had not acted on time.Speaking with TheCable in Washington during the 2016 World Bank/ IMF spring meeting, Moses Tule, the apex bank's director of monetary policy committee (MPC), expressed delight that Nigeria is free [...]

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    Interest rates will still go up, says Emefiele

Interest rates will still go up, says Emefiele

Godwin Emefiele, governor of the Central Bank of Nigeria has revealed that the country’s monetary policy rate would still have to go up.He said based on rising inflation rates, the monetary policy rate (MPR) would have to rise.He was speaking on Saturday at the International Monetary Fund headquarters in Washington.“Truly, Nigerians really expect that if they want to access finance, [...]

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    Adeosun: We will survive without IMF loan

Adeosun: We will survive without IMF loan

Kemi Adeosun, minister of finance, says Nigeria will overcome its economic challenges “without taking loan facility from the International Monetary Fund (IMF)”.According to Festus Akanbi, media aide of Adeosun, the minister made the remark at the ongoing spring meetings of the IMF-World Bank in Washington DC in response to why the government has refused to apply for IMF loans.Christine Largarde, [...]

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    VIDEO: What exactly did Okonjo-Iweala say about ‘lack of political will to save’?

VIDEO: What exactly did Okonjo-Iweala say about ‘lack of political will to save’?

Ngozi Okonjo-Iweala said Nigeria is where it is today due to lack of political will to save when there was an oil boom from 2011 to 2015 — when former president Goodluck Jonathan was in power.She spoke at George Washington University on Wednesday on the need to bypass political  manipulation and help countries save in times of boom.The former minister has [...]

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    Adeosun: 363,000 more companies now in tax net

Adeosun: 363,000 more companies now in tax net

Kemi Adeosun, minister of finance, says 363,000 companies have been brought into the tax paying net in just two months, highlighting the level of non-compliance in the past.Adeosun also expressed her belief that corruption is a far bigger problem to the Nigerian economy that prevailing monetary policy issues.Speaking at the Jack Morton auditorium of the George Washington University, Adeosun said [...]

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Exchange Rates

July 08, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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