Saturday, June 15, 2019

Tag "international monetary fund"

    REPORTER’S DIARY: How comments in Washington DC caused fuel queues in Nigeria

REPORTER’S DIARY: How comments in Washington DC caused fuel queues in Nigeria

The mere mention of 'fuel subsidy' in Nigeria raises ears; add 'removal of' as prefix to the two words and there you have chaos.Despite being 5,418 miles away from Lagos, reporting the World Bank/International Monetary Fund meetings for TheCable from Washington DC, I still felt the sting of the brief fuel scarcity episode last week.IMF and subsidyAs usual, journalists from [...]

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    IMF increases growth projection for Nigeria

IMF increases growth projection for Nigeria

The International Monetary Fund says Nigeria's economy will expand a little faster than its earlier projection.In the World Economic Outlook report released on Tuesday at the ongoing spring meetings of the IMF and World Bank Group, the fund said Nigeria's economy will grow by 2.1% in 2019, an increase of 0.1% points from the 2% projection given in January.In the [...]

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    CBN leaves rates unchanged as IMF downgrades growth

CBN leaves rates unchanged as IMF downgrades growth

In a widely expected move, the Central Bank of Nigeria (CBN) has left interest rates unchanged at 14% for January.Signs of rising inflationary pressures are likely to fuel speculation over the central bank tightening monetary policy, especially as government spending increases ahead of the presidential elections. With rising inflation in Nigeria seen threatening the Naira exchange and economic stability, the [...]

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    Emefiele: It is either build reserves or save the naira — we’re choosing the naira

Emefiele: It is either build reserves or save the naira — we’re choosing the naira

Godwin Emefiele, governor of the Central Bank of Nigeria, says the Buhari-led administration chose to save the naira instead of building reserves.Emefiele, who made this known to journalists on Sunday in Bali, Indonesia, said it is difficult to talk about building reserves at the moment."We are going to need to build buffers but unfortunately I must say that we are [...]

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    Finance ministry seeks IMF’s help to go after oil companies for tax

Finance ministry seeks IMF’s help to go after oil companies for tax

Zainab Ahmed, minister of finance, says that the federal government has asked the International Monetary Fund for help in getting taxes from large oil companies.Ahmed told journalists on Friday that the federal government's decision is to curb financial outflows from the sector."The G24 meeting was chaired by the vice president of the World Bank representing the president of the World [...]

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    IMF recommends ways of boosting Nigeria’s revenue

IMF recommends ways of boosting Nigeria’s revenue

The International Monetary Fund (IMF) has suggested ways that Nigeria can boost its revenue outside crude oil to reduce the country's reliance on lending.Speaking at her maiden press conference for the ongoing annual meetings of the IMF and World Bank Group, Christine Lagarde, IMF managing director, recommended a tight monetary policy."I would certainly start with a tight monetary policy, higher [...]

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    Nigeria among bottom seven in World Bank’s first ever Human Capital Index

Nigeria among bottom seven in World Bank’s first ever Human Capital Index

Nigeria has been ranked 152 out of 157 countries in the first-ever Human Capital Index released by the World Bank Group.Unveiling the report on Thursday at the ongoing annual meetings of the World Bank Group and International Monetary Fund (IMF) in Bali, Jim Yong Kim, World Bank president, said educational outcomes from Nigeria are too poor."Nigeria, unfortunately, ranks 152 out of [...]

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    Earthquake vibrations hit Bali, venue of IMF/WBG meetings

Earthquake vibrations hit Bali, venue of IMF/WBG meetings

Participants at the ongoing annual meetings of the International Monetary Fund and World Bank Group in Bali, Indonesia, were awakened by vibrations in the early hours of Thursday.Bali, a popular tourist destination in Indonesia is seven hours ahead of Nigeria.In a statement released few hours after the vibrations, the IMF assured participants that the earthquake has not disrupted the meetings."A [...]

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    Elumelu: Government policies making it hard for African youth to succeed

Elumelu: Government policies making it hard for African youth to succeed

Tony Elumelu, chairman of Heir Holdings, says government policies have been making it hard for African youth to succeed in their endeavours.Speaking on Thursday at a session of the ongoing Spring meetings of the International Monetary Fund and World Bank Group, Elumelu said governments of African countries need to prioritise their youth.He described youth as "determined, energetic, hungry to succeed and make [...]

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    IMF: Infrastructure governance can’t improve in Africa if our framework not implemented

IMF: Infrastructure governance can’t improve in Africa if our framework not implemented

The International Monetary Fund (IMF) says infrastructure governance can't improve in Africa if the recommended framework is not implemented.Two officials of the organisation made the comments on Wednesday during a session titled 'Public Investment Efficiency in Sub-Saharan African Countries: What Lies Ahead?' at the ongoing Spring meetings in Washington DC.The officials are Ha Vu, a public financial management specialist at the [...]

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    IMF advises Nigeria to remove tax exemptions, says economy still at risk

IMF advises Nigeria to remove tax exemptions, says economy still at risk

Catherine Pattillo, assistant director, fiscal affairs department of the International Monetary Fund (IMF), has advised Nigeria to remove tax exemptions because the economy is still at risk.Answering questions from journalists on the sidelines of the ongoing Spring meeting of the Bretton Wood institution, she said Nigeria needs to increase its revenue base because debt interests are eating up most of [...]

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    IMF: Nigeria’s inflation will remain double digits in 2018/19

IMF: Nigeria’s inflation will remain double digits in 2018/19

The International Monetary Fund (IMF) has projected that Nigeria's inflation will remain in the double digits in 2018.In the April edition of its World Economic Outlook unveiled on Tuesday at the ongoing Spring meetings in Washington DC, the Bretton Wood institution said inflation rate will, however, moderate in both years."Inflation in sub-Saharan Africa is projected to moderate slightly in 2018 [...]

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    Follow TheCable for live updates from the 2018 IMF/WBG Spring meetings

Follow TheCable for live updates from the 2018 IMF/WBG Spring meetings

At the 2017 annual meetings of the International Monetary Fund (IMF) and World Bank Group, Christine Lagarde, IMF managing director, advised world leaders to invest in their people.During his recent visit to Nigeria, Bill Gates, world's second richest man, echoed the similar thoughts, saying roads and trains without skilled workers cannot flourish.The business and finance world — led by the [...]

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    IMF says Nigerians getting poorer, calls for ‘urgent and coherent’ economic policies

IMF says Nigerians getting poorer, calls for ‘urgent and coherent’ economic policies

The International Monetary Fund (IMF) says Nigerians are getting poorer and that "coherent and comprehensive" economic reforms are urgently needed in the country.The gross domestic product report released by the National Bureau of Statistics (NBS) on Tuesday showed that the economy recorded a growth of 0.83 percent in 2017.The Bretton Wood institution said it expects the government to “muddle through” [...]

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    Adeosun asks World Bank, IMF to move against tax-evading multinationals

Adeosun asks World Bank, IMF to move against tax-evading multinationals

Kemi Adeosun, minister of finance, has asked the World Bank and International Monetary Fund (IMF) to label tax evasion by multinational companies as "foreign corrupt practices".Adeosun made this request while speaking at the Platform for Collaboration on Tax (PCT) conference in New York.The PCT is an initiative of the Organisation for Economic Cooperation and Development (OECD), World Bank Group, International [...]

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    Adeosun to address UN conference on tax, revenue leakages

Adeosun to address UN conference on tax, revenue leakages

Kemi Adeosun, minister of finance, will be speaking at the Platform for Collaboration on Tax Conference at the UN headquarters in New York.The conference is organised by the US, Organisation for Economic Cooperation and Development (OECD), International Monetary Fund (IMF) and the World Bank.The conference, taking place on Thursday, is themed 'Taxation and the Sustainable Development Goals (SDGs)'.Pascal Saint-Amans, director [...]

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Exchange Rates

June 14, 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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