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Nairaland Forum / Nairaland / General / Politics / IMF Calls For Further Currency Depreciation In Nigeria (16325 Views)
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IMF Calls For Further Currency Depreciation In Nigeria by mightycrown1(m): 12:29am On Apr 28, 2015 |
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 |
Re: IMF Calls For Further Currency Depreciation In Nigeria by moha225: 12:54am On Apr 28, 2015 |
This people no well...maybe they need alomo 6 Likes |
Re: IMF Calls For Further Currency Depreciation In Nigeria by socialmediaman: 12:55am On Apr 28, 2015 |
Currency depreciation hurts imports, we're highly dependent of imports 5 Likes |
Re: IMF Calls For Further Currency Depreciation In Nigeria by Caseless: 1:55am On Apr 28, 2015 |
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. 18 Likes 1 Share |
Re: IMF Calls For Further Currency Depreciation In Nigeria by Vikkie14: 2:48am On Apr 28, 2015 |
For an Importer, it's highly Dangerous and Suicidal. Why am i taking panadol over another man's headache... The Economist knows better. 2 Likes |
Re: IMF Calls For Further Currency Depreciation In Nigeria by faray: 3:17am On Apr 28, 2015 |
issokay! kontinu |
Re: IMF Calls For Further Currency Depreciation In Nigeria by ben4ever(m): 3:33am On Apr 28, 2015 |
What is it with this IMF and naira depreciation. And why only the oil exporting countries in Africa? 1 Like 1 Share |
Re: IMF Calls For Further Currency Depreciation In Nigeria by baby124: 4:34am On Apr 28, 2015 |
When will they ask for the Euro's depreciation. 8 Likes |
Re: IMF Calls For Further Currency Depreciation In Nigeria by makzeze: 5:07am On Apr 28, 2015 |
IMF wants to kill African economy at all cost. To further impoverished us. This evil act is rejected in its entirety. 11 Likes |
Re: IMF Calls For Further Currency Depreciation In Nigeria by koboko69: 5:17am On Apr 28, 2015 |
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. 17 Likes |
Re: IMF Calls For Further Currency Depreciation In Nigeria by ki02020(m): 5:25am On Apr 28, 2015 |
Another reason for the poor to leave below 1dollar par day 1 Like |
Re: IMF Calls For Further Currency Depreciation In Nigeria by Jirate(m): 5:39am On Apr 28, 2015 |
Might be they are not aware of APC plans to make 1Naira equal to 1 Dollar. 20 Likes 1 Share |
Re: IMF Calls For Further Currency Depreciation In Nigeria by omenka(m): 5:57am On Apr 28, 2015 |
Caseless:Bros, you may like to revisit the second sentence. 3 Likes |
Re: IMF Calls For Further Currency Depreciation In Nigeria by omenka(m): 5:59am On Apr 28, 2015 |
They have their puppet here to do their bidding. NOI, what in Jupiter's rings are you waiting for 1 Like |
Re: IMF Calls For Further Currency Depreciation In Nigeria by Caseless: 7:13am On Apr 28, 2015 |
omenka:I think I jst did. |
Re: IMF Calls For Further Currency Depreciation In Nigeria by omenka(m): 7:21am On Apr 28, 2015 |
Caseless:"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? 1 Like |
Re: IMF Calls For Further Currency Depreciation In Nigeria by Caseless: 7:24am On Apr 28, 2015 |
omenka:Your boi don pieces that time. |
Re: IMF Calls For Further Currency Depreciation In Nigeria by Nobody: 7:31am On Apr 28, 2015 |
Lol |
Re: IMF Calls For Further Currency Depreciation In Nigeria by ednut1(m): 7:32am On Apr 28, 2015 |
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 2 Likes 1 Share |
Re: IMF Calls For Further Currency Depreciation In Nigeria by Godisnear(m): 7:32am On Apr 28, 2015 |
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. 2 Likes |
Re: IMF Calls For Further Currency Depreciation In Nigeria by ridgeman: 7:33am On Apr 28, 2015 |
IMF bunch of leeching vampires 1 Like |
Re: IMF Calls For Further Currency Depreciation In Nigeria by omenka(m): 7:34am On Apr 28, 2015 |
Caseless:Lmao. So make I blame it on the alcohol den. No lele. I dey your side. |
Re: IMF Calls For Further Currency Depreciation In Nigeria by Nobody: 7:34am On Apr 28, 2015 |
Baba will salvage us come may 29 |
Re: IMF Calls For Further Currency Depreciation In Nigeria by millionboi(m): 7:36am On Apr 28, 2015 |
Buhari(dictator)wil blame it on Gej(democrat 1 Like |
Re: IMF Calls For Further Currency Depreciation In Nigeria by sirsharks(m): 7:36am On Apr 28, 2015 |
Y Naija |
Re: IMF Calls For Further Currency Depreciation In Nigeria by sirsharks(m): 7:37am On Apr 28, 2015 |
Y |
Re: IMF Calls For Further Currency Depreciation In Nigeria by umar4info(m): 7:37am On Apr 28, 2015 |
That's non of my business as long as BUHARI is the president-elect |
Re: IMF Calls For Further Currency Depreciation In Nigeria by bdemix(m): 7:38am On Apr 28, 2015 |
Isokay |
Re: IMF Calls For Further Currency Depreciation In Nigeria by okotv(m): 7:42am On Apr 28, 2015 |
okay |
Re: IMF Calls For Further Currency Depreciation In Nigeria by ChiSun27(m): 7:43am On Apr 28, 2015 |
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?"... 1 Like |
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