• To shrink 1.9% next year• IMF lauds CBN monetary policyNigeria’s economy is projected to accelerate to 2.1 per cent this year, up from the 0.8 per cent in 2017, riding on the back of exit from its worst recession in over two decades. The International Monetary Fund (IMF), said this yesterday in Washington D.C. at the presentation of the World Economic Outlook (WEO) April 2018. Nigeria’s growth projection in 2018 falls far below the estimate for sub-Saharan Africa at 3.4 per cent, but it is stronger by 0.2 per cent estimated by the global financial group in its October WEO forecast. Instead, the apex bank preferred to constantly intervene in the inter-bank forex market to ease demand pressure for key sectors of the economy. The IMF WEO admitted that the CBN’s monetary policy accommodation supports Nigeria’s fiscal policy.

Source: The Guardian April 18, 2018 04:18 UTC