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Tag: IMF

IMF backs CBN on interest rate hike
Business

IMF backs CBN on interest rate hike

By Melvin Onwubuke The International Monetary Fund has supported the decision of the Monetary Policy Committee of the Central Bank of Nigeria to increase the benchmark borrowing rates by 400 basis points to 22.75 per cent from 18.75 per cent. At its February meeting, the MPC said that inflation and exchange rate pressures have been […]

IMF backs CBN on interest rate hike
Business

IMF doesn’t publish exchange rates – Rep

The International Monetary Fund Resident Representative for Nigeria, Christian Ebeke, stated in a statement on Friday that the IMF does not release exchange rate projections. According to Nairametrics, this announcement followed a flurry of headlines in the Nigerian press that cited the IMF for exact exchange rate estimates between the US dollar and the naira […]

Fuel, electricity tariff cap costly, IMF warns Nigeria
News

Nigeria’s inflation may hit 44%, IMF warns

By Melvin Onwubuke   The international Monetary Fund recent post-financing assessment report concerning Nigeria, paints a bleak picture of the country’s economic future. According to nairametrics, IMF expressed concerns that Nigeria’s inflation rate could rise to an unparalleled 44%, if the CBN fails to make significant steps in tightening it’s monetary policy. The report highlights […]

Nigeria's external reserves reach 22-month high amid weak Naira
Economy

Nigeria’s foreign reserves to drop 2024 – IMF

The International Monetary Fund has predicted that Nigeria’s foreign reserve is expected to decrease significantly, falling to $24 billion in 2024. “Through 2024–25, the financial account is likely to deteriorate, with no projected issuance of Eurobonds, large Fund and Eurobond repayments of $3.5 billion, and portfolio outflows,” IMF stated in its report. The IMF’s latest […]

Fuel, electricity tariff cap costly, IMF warns Nigeria
News

IMF Projects Nigeria’s inflation rate to drop to 15.5% in 2025

Nigeria’s inflation rate is expected to drop to 15.5 per cent in 2025 and 23 per cent in 2024, according to the International Monetary Fund. The IMF’s Division Chief of Research Department, Daniel Leigh, made a suggestion about this during the recent World Economic Outlook update press conference. As of December 2023, Nigeria’s inflation rate was […]

IMF lowers 2024 growth projections for Nigeria
Economy

IMF lowers 2024 growth projections for Nigeria

The International Monetary Fund reduced its October prediction of 3.1% for Nigeria’s GDP growth in 2024 to 3.0, which is a 0.1% reduction. The IMF made this known in its updated World Economic Outlook for 2024 and 2025. The analysis predicts that Sub-Saharan Africa’s GDP will expand by 3.8% in 2024 and 4.1% in 2025, […]

Fuel, electricity tariff cap costly, IMF warns Nigeria
featured

Subsidy removal to make space for development spending – IMF

The International Monetary Fund has stated that, while Nigeria and other low-income debtors are yet to request debt relief, high debt servicing costs continue to be a significant concern. The PUNCH reported that the multilateral lender stated that the good news was that no low-income country had made a major request for comprehensive debt relief since […]

Fuel, electricity tariff cap costly, IMF warns Nigeria
Business

IMF expresses concerns over Kenya’s fuel subsidy reintroduction

The International Monetary Fund has raised concern over Kenya’s plan to reintroduce fuel subsidies. Business Insider reported that the global lender expressed reservations about the scheme’s feasibility, stressing that Kenya may not be able to pay oil traders due to financial constraints. The bank also mentioned an unpaid bill in the sector stating that Kenya may […]

Fuel, electricity tariff cap costly, IMF warns Nigeria
Business

Six east African countries to benefit from IMF’s $1.9bn funding

Rwanda, Tanzania, the Democratic Republic of the Congo, Somalia, Burundi, and Kenya are among the countries chosen by the IMF. A report by the East African news outlet The East African claimed that these countries are similarly beset by dwindling foreign exchange reserves, decreased tax receipts, and weakening national currencies. “The IMF funding, which is pegged […]

Business

IMF seeks tougher crypto regulations

The Managing Director of the International Monetary Fund, Kristalina Georgieva, has emphasized the importance of comprehensive regulation in the cryptocurrency area in order to protect global financial stability. According to The Punch, Georgieva raised concerns about the influence of broad cryptocurrency adoption on macro-financial stability during her speech at a digital currency conference in Seoul on Thursday. […]

Fuel, electricity tariff cap costly, IMF warns Nigeria
Business

Nigeria’s revenue insufficient to cover debt – IMF

The International Monetary Fund has revealed that Nigeria does not generate enough revenue to meet its needs for development. The Punch reported that the IMF claimed that the country’s 9% revenue to GDP ratio is extremely low and insufficient to fund development expenditures, social safety nets, and the protection of its most vulnerable households. This was disclosed […]

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