Nigeria's IMF boss against foreign exchange restriction
508 views · Published 7 January 2016 · 7:16 · Indexed 24 October 2026
Channel: CGTN Africa · 2016 · News & Politics
In Nigeria, it will come as no surprise that the IMF's Managing Director, does not support the restrictions on accessing foreign currency, which are currently in place in Africa's biggest economy. While on a 4-day tour in the country, Christine Lagarde repeated concerns which the fund made repeatedly last year, in a speech to legislators. The Central Bank of Nigeria introduced foreign exchange access curbs last year as part of efforts to preserve its foreign currency reserves of about $ 30 B. It has also marginally devalued the Naira, following the steep decline in oil prices and revenues. Madame Lagarde urged Nigeria to broaden the tax base and make government spending more efficient, by improving compliance and enhancing collection. She also suggested an increase in the country's Value Added Tax, which, at 5%, is one of the lowest in the world.
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