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    Re-establishing national airline critical to reducing forex loss – Former Civil Aviation Boss

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    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    We’ll be swift with Ghana’s economic recovery – Ofori-Atta

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Pay us by borrowing from treasury bill market- Pensioner bondholders reiterate calls to govt

    Ghana’s energy sector needs audit to ascertain debt levels – COPEC

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    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

    Fuel pricing: COPEC predicts marginal drop in first window of June 2023

    ACEP pushes for research in Africa’s energy sector

    African leaders urged to employ energy policies that will transform Africa

    COVID -19 levy must be abolished – Importers & Exporters insist

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    Govt maintains COVID-19 levy despite calls for removal

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    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

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    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

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    Medical devices market projected to expand by $ 7.1 billion by close of year

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IMF urges Nigeria to lift FX restrictions, dump multiple exchange rates

bycitibusinessnews
March 31, 2017
in Africa, Top Stories, West Africa
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The International Monetary Fund called on Nigeria on Thursday to lift its remaining foreign exchange restrictions and scrap its system of multiple exchange rates to revive the country’s recession-hit economy.

The call came as part of a regular assessment of a country’s economy, in which the IMF also forecast that Nigeria’s economy would grow 0.8 percent this year.

In 2016, Nigeria fell into its first annual recession in 25 years, which was largely caused by the impact of low oil prices and attacks by militants on energy facilities in the Niger Delta oil hub.

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Sales of crude account for more than 90 percent of foreign exchange earnings in Nigeria and most of government revenues.

President Muhammadu Buhari has rejected a devaluation of the naira currency and backed restrictions imposed by the central bank that force firms to buy dollars needed for imports for a premium on the rate available on the black market, where the currency trades around 30 percent weaker than the official exchange rate.

The fund said its directors “urged the authorities to remove the remaining restrictions and multiple currency practices, thus unifying the foreign exchange market and helping regain investor confidence”.

Africa’s most populous country has at least five exchange rates which include the official one, a rate for Muslim pilgrims travelling to Saudi Arabia, one for school fees abroad and a retail rate set by licensed exchange bureaux.

–

Credit: CNBC Africa

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Re-establishing national airline critical to reducing forex loss – Former Civil Aviation Boss

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