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 […]
NIGERIA: The lock-down experiment
The two-week lockdown of Abuja and Lagos enacted this week is a litmus test of the extent to which Nigeria can implement measures designed in and for rich economies in containing the spread of Covid-19. As President Muhammadu Buhari’s influential chief of staff Abba Kyari has tes… 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: 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 […]