25.02.2016 - Nigeria urged by IMF to devalue currency
Nigeria's central bank should allow the local currency to devalue as part of a package of aggressive economic policies to reverse the impact of low oil prices on Africa's biggest economy, the International Monetary Fund said Wednesday. The IMF said Nigeria's economy would grow by 4.9% in 2017 from 3.2% this year as long as the government takes immediate action to cut spending and better manage the naira, its national currency. Traders have turned against the naira as global oil prices have plummeted, betting that Africa's top crude producer would struggle to replace the revenue it uses to fund 80% of its budget...............................................Full Article: Source
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