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Tag: IMF

Financial institutions lost $12bn to cyberattacks in 20 years–IMF
featured

IMF warns FG to stop fuel, electricity subsidies

The International Monetary Fund has warned Nigeria’s government to take away the implicit fuel and electricity subsidies. This was disclosed by the Fund in the recently published Article IV Staff Consultation Report of the Board of Governors of the global organization, in Washington. In the report, the IMF told Nigeria that the subsidies would drain […]

Financial institutions lost $12bn to cyberattacks in 20 years–IMF
News

FG’s planned domestic dollar bond may pressure naira – IMF

The International Monetary Fund has raised concern about the Nigerian government’s policy of issuing domestic dollar-denominated bonds, according to the recently published IMF staff country report for Nigeria. The Fund is concerned that such a move could aggravate the pressure on the naira and increase the cost of naira securities, according to Nairametrics. The report […]

IMF lowers 2024 growth projections for Nigeria
News

IMF urge Nigeria to regulate Crypto trading platforms

The International Monetary Fund has urged the Nigerian government to direct global crypto trading platforms to register or obtain licences before operating in the country. This was disclosed by the Fund in the Article IV Staff Consultation Report of the Board of Governors of the global organization, published in Washington on Thursday, according to Channels […]

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Nigeria’s inflation rate will drop to 23% next year -IMF

The Global Economic Outlook has projected a decline in Nigeria’s inflation to 23 per cent next year. This disclosure was made during the International Monetary Fund/World Bank Spring Meetings in Washington D.C., on Tuesday, according to The Punch. The IMF provided projections for Nigeria’s economy, indicating a significant shift in inflation rates. Head of the […]

Financial institutions lost $12bn to cyberattacks in 20 years–IMF
News

Financial institutions lost $12bn to cyberattacks in 20 years–IMF

The International Monetary Fund has disclosed that financial institutions worldwide suffered a cumulative loss of $12 billion due to cyberattacks over the past two decades. A recent release from the IMF’s April 2024 Global Financial Stability Report highlighted that $2.5 billion of this total loss occurred between 2020 and 2024. The IMF expressed apprehension over […]

Egypt signs $40bn deals with UAE, IMF to stabilize currency
Business

Egypt signs $40bn deals with UAE, IMF to stabilize currency

Within ten days of freeing its currency and witnessing a 38% decline, Egypt was able to negotiate over $40 billion in investment deals from the United Arab Emirates and the International Monetary Fund. The nation and the United Arab Emirates came to a $35 billion deal towards the development of the Ras El Hikma peninsula […]

Egypt to receive $8bn IMF bailout
News

Egypt to receive $8bn IMF bailout

Egypt’s bailout package from the International Monetary Fund has been successfully expanded to $8 billion. This comes after the government took the audacious decision to let the Egyptian pound fall to an all-time low compared to the US dollar. According Voice of America, this crucial discovery represents a major advancement in Egypt’s efforts to manage […]

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 […]

Naira strengthens slightly to N1,534.52/$ at official market
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 […]

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