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Nigeria needs more flexibility in setting monetary policy so it can use its foreign currency reserves to support the poor population if low oil prices persist, said International Monetary Fund Managing Director Christine Lagarde, Bloomberg reports.
“With a very clear ambition to support the poor people of Nigeria, there could be added flexibility in the monetary policy, particularly if, as we think, the price of oil is likely to be lower for longer,” Lagarde told reporters.
Lagarde’s comments come a week after Buhari said he doesn’t personally support weakening the naira and would need to be convinced that devaluing the local currency of Africa’s largest oil producer is the best course to take for the economy.
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“With a very clear ambition to support the poor people of Nigeria, there could be added flexibility in the monetary policy, particularly if, as we think, the price of oil is likely to be lower for longer,” Lagarde told reporters.
Lagarde’s comments come a week after Buhari said he doesn’t personally support weakening the naira and would need to be convinced that devaluing the local currency of Africa’s largest oil producer is the best course to take for the economy.
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