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Nigeria may Seek Dollar Loan as Naira Remains Under Pressure - IMF

Oguntade Adedoyin

Oct 16, 2023 — 2 min read

AFP

The International Monetary Fund (IMF) in a meeting with the World Bank Group / International Monetary Fund in Marrakech, Morocco stated that Nigeria has the option to seek a loan from the Fund to stabilize the currency, considering the current pressure on the naira.

The IMF also showed approval for the recent decision made by the Central Bank of Nigeria, under the leadership of Olayemi Cardoso, to lift the long-standing ban on foreign exchange for cement, rice, poultry products, and several other items. The ban on forex had been implemented by the previous administration of the CBN in 2015.

According to the International Monetary Fund (IMF), inflation in Nigeria remained high at 26% in August, with the Nigerian currency, the naira, facing ongoing pressure. The naira has experienced a decline in value at the parallel market, dropping from approximately 450 naira per dollar to an average of 760 naira per dollar after President Bola Tinubu implemented exchange reforms.

On Thursday October 12, the value of the local currency dropped significantly to #1045 per dollar.

The International Monetary Fund (IMF) has expressed its confidence in the abilities of the newly appointed Central Bank of Nigeria (CBN) governor, Yemi Cardoso, as well as the new Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The IMF believes that their capabilities will enable them to make informed decisions that will positively impact the country's economy.

During the meeting, Wale Edun presented several fiscal measures to increase tax collection and decrease exemptions in order to stimulate economic growth. Cardoso also outlined strategies to stabilize the market and guide the nation through the existing turbulent economic obstacles. The governor of the Central Bank of Nigeria (CBN) mentioned that the newly appointed leadership team would evaluate foreign exchange market policies, corporate governance practices, and monetary policies to reposition the apex bank and achieve its primary objectives.

The team recently commenced work after receiving confirmation from the National Assembly to conduct a comprehensive assessment of the challenges faced by the central bank. This assessment will result in modifications or abandonment of certain policies as part of an extensive reform program aimed at transforming the bank into a driver of economic growth and development.

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