Thursday, November 15, 2018

Tag "imf"

    Okonjo-Iweala: No political will to save under Jonathan

Okonjo-Iweala: No political will to save under Jonathan

Ngozi Okonjo-Iweala, former minister of finance, on Thursday said the zero political will to save under former President Goodluck Jonathan is responsible for the challenges facing the country.Speaking on “inequality, growth and resilience,” at George Washington University, the two-time finance minister said the World Bank and the International Monetary Fund (IMF) must seek means to embed savings in national constitutions [...]

21 comments Read Full Article
    IMF slashes global growth but markets rally

IMF slashes global growth but markets rally

The financial markets were noticeably unfazed during trading on Tuesday despite the International Monetary Fund’s (IMF) gloomy warnings of diminishing global growth which should have dented investor sentiment and soured risk appetite.In the latest world economic outlook, global growth for 2016 was slashed again to 3.2% with stubbornly low commodity prices and China concerns incessantly exposing major nations to downside [...]

0 comment Read Full Article
    Follow World Bank/IMF meeting on TheCable

Follow World Bank/IMF meeting on TheCable

From depressing crude oil prices in the last 18 months, to devaluation of the Chinese Yuan, to the challenges of global warming, climate change and rebating migrant crisis, the world is definitely  in need of economic salvation.The World Bank Group (WBG) and the International Monetary Fund (IMF), institutions defining global economic policies, will be meeting in Washington DC to decide [...]

1 comment Read Full Article
    IMF: Buhari’s FX policy distorting the economy

IMF: Buhari’s FX policy distorting the economy

The International Monetary Fund (IMF) is happy with President Muhammadu Buhari's "progress" with the fight against corruption and insurgency.In its staff report for the 2016 article IV consultation, the IMF however added that Buhari’s foreign exchange exchange restrictions were "significantly distorting the economy and weighing on economic activity".“Policy uncertainty amplified the impact of global developments,” the IMF said in its report released [...]

0 comment Read Full Article
    Naira finds a ‘resting place’ at 320 to a dollar

Naira finds a ‘resting place’ at 320 to a dollar

The Nigerian currency seems to have found a resting place at 320 to the greenback on the parallel market.The naira, Nigeria's prime legal tender, has been seen as revolving around 320 for over two weeks, with little or no indication of appreciation or depreciation.Parallel market traders, otherwise known as bureau de change (BDC) operators, say the market has been sluggish, [...]

0 comment Read Full Article
    At G20 seminar, Adeosun seeks inclusive growth for Africa

At G20 seminar, Adeosun seeks inclusive growth for Africa

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 [...]

0 comment Read Full Article
    IMF: Nigeria’s GDP will fall to new low in 2016

IMF: Nigeria’s GDP will fall to new low in 2016

The international monetary fund (IMF) says Nigeria’s gross domestic product (GDP) would be worse in 2016 than it was in 2015, despite plunging to a record low in 2015.The executive board of the IMF said it had concluded the article IV consultation with Nigeria, and projected a GDP growth of 2.3 percent in 2016 – lowest since democracy returned in [...]

0 comment Read Full Article
    IMF asks Buhari to remove FX restrictions

IMF asks Buhari to remove FX restrictions

The International Monetary Fund (IMF) has called on President Muhammadu Buhari to adopt a sound petroleum industry bill (PIB) and eliminate restrictions around foreign exchange policy.The PIB has been in the works since 2007 but has been dogged by political controversies as well as opposition to the fiscal terms by international oil companies.Meanwhile, Buhari's government has adopted a fixed forex policy that [...]

0 comment Read Full Article
    Lagarde unanimously re-elected MD of IMF

Lagarde unanimously re-elected MD of IMF

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 [...]

0 comment Read Full Article
    IMF top thinkers back ‘capital controls’

IMF top thinkers back ‘capital controls’

Atish Ghosh, assistant director and chief, systemic issues division of the International Monetary Fund (IMF) research department, has lent his voice to the unorthodox thinking supporting capital controls.In an IMF working paper co-authored by the director and Mahvash Qureshi, a senior economist in the research department of the IMF, the duo said capital controls “appear to have an undeservedly bad [...]

0 comment Read Full Article
    Nigeria’s reserves fall by $955m in one month

Nigeria’s reserves fall by $955m in one month

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 [...]

0 comment Read Full Article
    2016 budget can be part-funded with TSA, says Adeosun

2016 budget can be part-funded with TSA, says Adeosun

Kemi Adeosun, minister of finance, says the treasury single account (TSA), at a current balance of N2.2 trillion, will help to part-fund the 2016 budget.Adeosun said this while delivering a keynote address at a one-day TSA workshop for state accountants-general in Abuja on Monday.“TSA at federal level has allowed, for the first time, visibility of the total quantity of government [...]

0 comment Read Full Article
    Lagarde: Nigeria needs a ‘sensible’ FX policy

Lagarde: Nigeria needs a ‘sensible’ FX policy

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 [...]

0 comment Read Full Article
    Lagarde to seek second term at IMF

Lagarde to seek second term at IMF

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, [...]

0 comment Read Full Article
    Nigeria’s reserves fall by $92m in 24 hours

Nigeria’s reserves fall by $92m in 24 hours

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 [...]

0 comment Read Full Article
    I’m not in Nigeria to negotiate IMF loan, says Lagarde

I’m not in Nigeria to negotiate IMF loan, says Lagarde

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 [...]

0 comment Read Full Article
Advertisement
Advertisement

 

Advertisement

Advertisement

Exchange Rates

November 13, 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.
Advertisement
Advertisement
Advertisement