Market News
IMF backs reforms amid calls for budget overhaul - PUNCH
The International Monetary Fund, in its latest Article IV Consultation on Nigeria, praised the Central Bank of Nigeria’s efforts to strengthen the banking sector and drive recapitalisation, but urged fiscal authorities to review the 2025 budget in light of falling oil prices, writes FELIX OLOYEDE
The International Monetary Fund provided strong and candid feedback on the reforms in the Nigerian financial sector that have taken place over the past two years.
The feedback followed a recent visit to Nigeria by officials from the Fund, who were reviewing the monetary reforms initiated by the Central Bank of Nigeria.
At the end of its visit, the Fund released the Article IV Consultations on the country and commended the reforms by the apex bank to enhance market confidence by increasing foreign inflows through the strengthening of the banking system by recapitalising the local banks.
According to the IMF, reforms in the foreign exchange market and ongoing stability of the naira have supported price discovery and enhanced dollar liquidity in the economy.
The Fund said Nigerian authorities had implemented major reforms over the past two years, which had improved macroeconomic stability and enhanced resilience.
