GhanaStar
  • News
  • Sports
  • Entertainment
  • Politics
  • Business
  • Music
No Result
View All Result
GhanaStar
  • News
  • Sports
  • Entertainment
  • Politics
  • Business
  • Music
No Result
View All Result
GhanaStar
No Result
View All Result
Home International

IMF Urges Nigeria To Lift FX Restrictions, Dump Multiple Exchange Rates

March 31, 2017
in International
Share on FacebookShare on Twitter

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.

You Might Also Like

Prime Minister Boris Johnson Moved to Intensive Care Unit after His Coronavirus Condition Worsens

Ghanaian Politician Emmanuel Owuraku Amofah’s Son Desmond “Etika” Amofah Found Dead in the East River of New York

Protests Held As Fire Anger Increases

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.

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.

Join GhanaStar.com to receive daily email alerts of breaking news in Ghana. GhanaStar.com is your source for all Ghana News. Get the latest Ghana news, breaking news, sports, politics, entertainment and more about Ghana, Africa and beyond.

Tags: africabankBusiness_FinancecurrencyCurrency interventionDevaluationeconomyenergy facilitiesExchange rateForeign exchange controlsForeign exchange marketInternational Monetary Fundlow oil pricesMonetary hegemonyMuhammadu BuharinigeriaNigerian nairaOil & Gas Exploration and Production - NECoil hubpresidentretail rateSaudi Arabia

Related News

Prime Minister Boris Johnson Moved to Intensive Care Unit after His Coronavirus Condition Worsens

by
April 6, 2020
0

Boris Johnson has been moved to intensive care after his condition worsened, Downing Street has said. The prime minister was...

Ghanaian Politician Emmanuel Owuraku Amofah’s Son Desmond “Etika” Amofah Found Dead in the East River of New York

by
June 25, 2019
0

Daniel Desmond Amofah, a.k.a. Etika, a popular gaming vlogger with more than 800,000 YouTube followers and son of the Ghanaian...

Protests Held As Fire Anger Increases

by
June 16, 2017
0

Protests were held in London as residents demanded support for those affected by the Grenfell Tower fire. Between 50 and...

US Destroyer Collides With Merchant Vessel Near Japan

by
June 16, 2017
0

The US Navy has requested help from the Japanese coastguard. A US Navy destroyer has collided with a merchant vessel...

Next Post

Committee Report On Bribery Allegation In Parliament, A Political 'blanket'

CEO Sentenced 20 Years For Defrauding Over 150 Persons

Categories

  • Africa & World
  • African Music Lyrics Directory
  • Business
  • Business Directory
  • celebrities
  • Computing
  • Diaspora
  • Entertainment
  • Events
  • Feature
  • Featured
  • Ghana Elections 2016
  • Headlines
  • Health
  • International
  • Internet
  • Jobs
  • lifestyle
  • Music
  • News
  • Offbeat
  • Opinion
  • Politics
  • Profiles
  • Religion
  • Security
  • Seth Terkper
  • Smart Home
  • Social Networks
  • Sports
  • Technology
  • Top Stories
  • World News

Tags

accra addo africa Association football Banks - NEC business Business_Finance chairman Donald Trump economy education Entertainment_Culture environment Geography of Africa ghana Ghanaian people government Government of Ghana Human Interest John Dramani Mahama john mahama Law_Crime mahama minister MPs elected in the Ghanaian parliamentary election Nana Addo Nana Addo Dankwa Nana Akufo-Addo National Democratic Congress National Democratic Congress (NDC) New Patriotic Party New Patriotic Party (NPP) nigeria politics Politics of Ghana president Social Issues Social Media Social Media & Networking sports United Kingdom United Nations United States Vice President War_Conflict

Recent Posts

  • Government of Ghana Unveils Official Portraits of President John Dramani Mahama and Vice President Prof. Naana Jane Opoku-Agyemang
  • Who Is the Woman (Sheena Gakpe) in Sarkodie’s Latest Hit “No Sir” and Why Everyone Is Talking about It
List of Ghana Holidays for 2020
Ghana Geocoding
Ghana Cedis Exchange API
Ghana Maps Service
Toyota Cars Auto Auction History
  • African Music Lyrics Directory
  • Business Directory
  • Diaspora
  • Top Stories

All rights reserved © 2021 GhanaStar.com

No Result
View All Result
  • News
  • Sports
  • Entertainment
  • Politics
  • Business
  • Music

All rights reserved © 2021 GhanaStar.com