By Babajide Komolafe

THE International Monetary Fund (IMF) yesterday called for further currency depreciation in Nigeria and seven other oil exporting West African countries.

Recall that the Nigeria’s currency, naira, has depreciated officially by 28 percent from N155 to a dollar November last year to N197 at the close of business yesterday

In its April 2015 Regional Economic Outlook for Sub-Saharan Africa, which economic growth of 4.5 percent for the region in 2015, IMF said, “For the region’s eight oil exporting countries, fiscal adjustment is a priority; policy makers should support an adjustment by allowing exchange rates to depreciate, where flexible exchange rate mechanisms are in place”.

Summarising the Outlook for the region, Ms. Antoinette Sayeh, Director of the IMF’s African Department in a press release stated, “Sub-Saharan Africa’s economy is set to register another year of solid economic performance with growth expected to expand 4½ percent in 2015. The region will continue being one of the fastest growing in the world—second only to emerging and developing Asia.

”That said, the economic expansion will be at the lower end of the range experienced in recent years, mainly reflecting the impact of the sharp decline of oil and commodity prices over the last six months. But the impact of this shock will be highly differentiated across the region.

“Sub-Saharan Africa’s eight oil exporters have been hard hit by the price decline, and their average growth in 2015 is expected to be about 1¼ percentage points lower than in 2014 in response to this shock.

”However, for most of the rest of the region, growth prospects remain favorable. These countries are enjoying the benefits of lower oil import bills, although some are also feeling the impact of lower prices for their non-oil commodity exports. Growth is projected to be particularly strong in most low-income and more fragile countries, and this will help to reduce poverty levels.

“In Guinea, Liberia and Sierra Leone, the Ebola outbreak is beginning to be controlled, with a sharp decline in the incidence of new infections. However, 2015 will be another difficult year, with economic activity expected to be significantly depressed.

”The IMF has provided $390 million of assistance to help these countries, including $100 million of grants for debt relief—the first instance of such assistance by a development partner.”

SOURCE: http://www.vanguardngr.com/2015/04/imf-calls-for-further-currency-depreciation-in-nigeria/#sthash.osIWL61x.dpuf

This people no well...maybe they need alomo

Currency depreciation hurts imports, we're highly dependent of imports

These ducks won't leave us alone.
FYI, it is going to be Buhari's presidency very soon, and not jonathan's that crawl upon seeing christen Largarde/IMF. I hope this does not happen before may 29.
30 years ago, Buhari rejected such crass request, he shall reject it again.

For an Importer, it's highly Dangerous and Suicidal.


Why am i taking panadol over another man's headache... The Economist knows better.

issokay! kontinu

What is it with this IMF and naira depreciation. And why only the oil exporting countries in Africa?

When will they ask for the Euro's depreciation.

IMF wants to kill African economy at all cost.

To further impoverished us.

This evil act is rejected in its entirety.

Ngozi works for IMF not Nigeria. This is why they keep cooking up lies about rediuced poverty and boasting of a growing economy when their main plan is to ruin us and render us powerless and useless so that we become toys in their hands.

Another reason for the poor to leave below 1dollar par day

Might be they are not aware of APC plans to make 1Naira equal to 1 Dollar.

Caseless:
These ducks won't leave us alone.
FYI, it is Buhari and not jonathan who crawl upon seeing christen Largarde.
30 years ago, Buhari rejected your evil request, he shall reject it again.

Bros, you may like to revisit the second sentence.

They have their puppet here to do their bidding. NOI, what in Jupiter's rings are you waiting for

omenka:
Bros, you may like to revisit the second sentence.

I think I jst did.

Caseless:
*yawns* bros, which 2nd sentence again?

"It is Buhari who crawls and not Jonathan". I bet you intended for it to be the other way round. Lol. Sleep been dey ya head ba?

omenka:
"It is Buhari who crawls and not Jonathan". I bet you intended for it to be the other way round. Lol. Sleep been dey ya head ba?

Your boi don pieces that time.

Lol

the white man cannot afford to make the black man prosper, IMF and world bank thunder fire una, i hope pa Buhari wud show dem pepper like he did

There was never a time when IMF had good intentions for Nigeria, the policies they suggest for Nigeria are policies that would destroy our economy.

IMF bunch of leeching vampires

Caseless:
Your boi don pieces that time.

Lmao. So make I blame it on the alcohol den. No lele. I dey your side.

Buhari(dictator)wil blame it on Gej(democrat

Y

That's non of my business as long as BUHARI is the president-elect

Isokay

okay

Another phase of high cost of living seems to be pending on the hooks. Trust Nigerians when it comes to inflating price(s)....any small thing...you will hear words like..."u no know say dollar don cost?"...