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According to BloombergBusiness, Nigeria's economy may get worse than it already is.
Nigeria’s economic crisis just got a whole lot worse.
Central bank Governor Godwin Emefiele on Tuesday resisted calls -- again -- to weaken the currency despite a plunge in oil prices that’s slashed revenue in Africa’s biggest crude producer. He stuck to his foreign-exchange restrictions that have led to capital flight, curbed output in the continent’s largest economy and led to the naira dropping to a record low on the black market.
Emefiele gave no indication in his Monetary Policy Committee statement that he is ready to ease controls even though they have been widely panned by investors, criticized by businesses and questioned by lawmakers. That’s set to deepen the crisis for an economy that probably grew at its slowest pace in 16 years in 2015, is facing inflation of 10 percent and a record budget deficit to pay government salaries and build roads and power plants.
Click here to read more
SOURCE: BloombergBusiness
Nigeria’s economic crisis just got a whole lot worse.
Central bank Governor Godwin Emefiele on Tuesday resisted calls -- again -- to weaken the currency despite a plunge in oil prices that’s slashed revenue in Africa’s biggest crude producer. He stuck to his foreign-exchange restrictions that have led to capital flight, curbed output in the continent’s largest economy and led to the naira dropping to a record low on the black market.
Emefiele gave no indication in his Monetary Policy Committee statement that he is ready to ease controls even though they have been widely panned by investors, criticized by businesses and questioned by lawmakers. That’s set to deepen the crisis for an economy that probably grew at its slowest pace in 16 years in 2015, is facing inflation of 10 percent and a record budget deficit to pay government salaries and build roads and power plants.
Click here to read more
SOURCE: BloombergBusiness
