NIGERIA: Calling 911
● The government has requested a cumulative USD 6.9bn from multilateral institutions. ● While the government is keen to secure funding without committing to an IMF program, the Fund will likely want to see an up-front reform commitment. ● Pointing to the dire state of publi… Become a member to read the rest of […]
COTE D’IVOIRE: The CFA franc is a double-edged sword amid COVID-19 pandemic
During a televised speech in the evening of 31 March, Prime Minister Amadou Gon Coulibaly, who is the ruling party candidate for the October 2020 presidential election, announced a raft of measures aimed at softening the economic impact of the Covid-19 pandemic. While the PM cut … Become a member to read the rest […]
NIGERIA: CBN caving in to FX pressure, but not without a fight
The official response to the oil price crash and the COVID-19-induced economic crisis continues to evolve at a rapid pace. The division of labor is clear: the federal government zeroes in on cutting expenditure and shoring up the shrinking revenue base, while it falls to the Cent… Become a member to read the rest […]
NIGERIA: Heading for 2016 redux as ‘Buharinomics’ likely to shift into top gear
Nigeria enters the ensuing COVID-19-induced economic crisis in a much weaker state than previous crises. Nevertheless, the administration will fight tooth and nail to avoid a devaluation in the short-term. Demand management will be the main tool … Become a member to read the rest of this article
NIGERIA: Defending the naira remains the imperative
On 24 January, the Central Bank of Nigeria’s (CBN) monetary policy committee decided to hike the cash reserve ratio (CRR) by 500 basis points from 22.5% to 27.5%, while leaving all other monetary parameters unchanged. While raising the CRR will likely serve to keep fixed-income y… Become a member to read the rest of […]