IMF cautions FG against CBN Act amendment

•Keeps Nigeria’s 2024 growth forecast at 3.3%The position of the Fund was contained in the Article IV Staff Consultation Report of the Board of Governors of the global organization, which was released in Washington, yesterday.

“They supported the increase in the minimum capital for banks and urged CBN to unwind the regulatory forbearance introduced during the pandemic. “Directors welcomed the removal of foreign exchange market distortions and encouraged the authorities to continue improving the functioning of the FX market, including adoption of a well-designed FX intervention framework.”

“The authorities reformed the fuel price subsidies, unified official foreign exchange windows, and are focused on revenue mobilization, governance, and enhancing the monetary and exchange rate policy frameworks, as well as strengthening social safety nets,” it stated. They also highlighted the importance of reforms to enhance the business environment, improve security, implement key governance measures, develop human capital, boost agricultural productivity, and build climate resilience.

The Fund forecast that fuel subsidies could cost up to 3% of GDP this year as the increases in pump prices have not kept up with their dollar cost, adding that the federal government remains committed to phasing that out in another one or two years.

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