He made the comment in Abuja where he is unveiling a five year-monetary policy roadmap for the apex bank, Reuters reported. Yari warned that Nigeria may head for another economic recession due to the decline in oil price. Nigeria’s economy receded at the end of Q2 in 2016 after falling oil prices ate deep into the country’s earnings and caused the naira to weaken thereby causing inflation to spiral upward. The decision to delay devaluing Nigeria’s currency meant many businesses struggled to get foreign currency to pay for imports, which had a worse effect on the entire economy. The slump in global oil prices hit Nigeria hard with the government getting about 70% of its revenues from oil sales.

Source: The Guardian June 24, 2019 10:52 UTC