The International Monetary Fund (IMF) has retained its growth forecast of 3.2 percent for Nigeria’s economy in 2023. The IMF, in its World Economic Outlook for April 2023 titled ‘A Rocky Recovery’, also forecast a three percent growth in the country’s gross domestic product (GDP) for 2024. Other countries highlighted in its 2023 projections were … [Read more…]
Nigeria and 72 other countries are at high risk of debt distress or already in debt distress, according to a new report by the International Monetary Fund. The report, titled “Restructuring debt of poorer nations requires more efficient coordination,” noted that low-income countries face fewer debt challenges today than they did 25 years ago, thanks … [Read more…]
Dollar deposit by Nigerians in banks has exceeded the 30 per cent threshold approved by International Monetary Fund (IMF), a Central Bank of Nigeria (CBN) report has said. The report by CBN economists said Nigerians have been accumulating foreign currencies to protect their wealth from naira volatility and surging inflation. “Higher real-exchange … [Read more…]
The International Monetary Fund has called for caution in the use of cryptocurrencies, describing it as a concern. It disclosed this during a virtual briefing on the recently published 2020 Article IV IMF Staff Report for Nigeria. The Resident Representative of IMF for Nigeria, Ari Aisen, said the concern on the use … [Read more…]