What’s Wrong With Nigeria’s Economy? — Diagnosis from Doctor IMF

Country surveillance is an ongoing process that culminates in regular (usually annual) comprehensive consultations with individual member countries, with discussions in between as needed. The consultations are known as “Article IV consultations” because they are required by Article IV of the IMF’s Articles of Agreement. During an Article IV consultation, an IMF team of economists……

Why IMF rejects Naira exchange rate policy, insists on devaluation

The International Monetary Fund (IMF) has given Nigeria a hard knock over its policy of guiding the naira to appreciate in value through weekly pumping of dollars to the inter-bank market. To the IMF, the local currency is being overvalued by 10 to 20 per cent, according to its mission chief for Nigeria, Gene Leon….

Naira is overvalued – IMF

The International Monetary Fund (IMF) has said that the Nigerian Naira is overvalued by about 10% to 20%. Gene Leon, who is IMF’s mission chief for Nigeria, stated this during a news briefing in Washington on Wednesday. He also said the Nigerian government, has acknowledged the the need for reforms and must implement them. “The…

IMF commends CBN for stabilizing Naira

The International Monetary Fund (IMF) has commended the Central Bank of Nigeria (CBN), for recent foreign exchange policy actions. The CBN has recorded huge success at the Forex market, since it started‎ injecting over $1.5 billion at the interbank market. The Naira has continued to firm against the dollar, in defiance of predictions by some…

One injured as letter bomb explodes at IMF

One female employee of the International Monetary Fund (IMF) was injured on Thursday when a letter bomb exploded in her face while trying to open it, at the Paris office. The device which injured her face and arms, was homemade, according to French police chief Michel Cadot told reporters. He stated that there had been…

BREAKING Letter bomb explodes at IMF office in Paris, injuring one employee

Police say one woman slightly injured but no other damage reported after blast from ‘homemade’ device   Police outside the IMF offices in Paris where a letter bomb exploded. Photograph: Philippe Wojazer/ReutERS Reuters in Paris Thursday 16 March 2017 14.06 GMTFirst published on Thursday 16 March 2017 11.48 GMT An International Monetary Fund (IMF) employee was injured…

Nigeria submits to IMF, sets up asset evaluation team

The Federal government has exhibited an apparent readiness to sell government’s equity holdings in the national assets in Nigeria, in line with one of the conditions given by the International Monetary Fund (IMF). The government has set up the Asset Tracking and Management Project (ATM Project) to locate, identify, and evaluate all its moveable and…

Recession: Buhari’s government should ignore IMF – NLC

The Nigerian Labour Congress (NLC) has advised the Federal Government not to heed any suggestion by the International Monetary Fund (IMF) on how to get Nigeria out of recession. At the National Delegate Conference of the National Union of Civil Engineering Construction, Furniture and Wood Workers (NUCECFFWW), NLC President, Comrade Ayuba Wabba, urged government to…

Nigeria’s economic reforms still below standard –IMF

In spite of what looks like Nigeria’s delisting of the International Monetary Fund (IMF) from creditor institutions for its current quest for loan facilities, its management has yet offered the country some advice on how to achieve early exit from the economic recession. The body said the reform so far executed by Nigeria falls below…

Recession: Nigeria is yet to meet us for financial assistance – IMF

The International Monetary Fund (IMF) has said the Federal Government has not approached it for a loan programme or financial assistance. IMF spokesman, Gerry Rice said this at a regular news briefing with reporters, Reuters reported. Rice, however said the global lender “stands ready to help should the country make a request for financial assistance.”……