LAGOS, Nigeria (AP) — The IMF is pressing Nigeria to further devalue its naira currency amid uncertainty over the political and economic outlook for Africa's biggest oil producer and economy.

Analysts said there's disappointment that President Muhammadu Buhari's long-awaited Cabinet list — five months in the making and still not finalized — includes no economic stars to guide much-needed reform.



"There's no economist on the (Cabinet) list that can suggest to the government ways to improve revenue generation and how to run the economy," said Garba Kurfi, managing director of APT Securities and Funds.

The naira has lost 25 percent of its value in the past year and the stock market plummeted by 20 percent last year and 14 percent this year because of political uncertainty and halved prices for oil that provides most government revenue.

Nigeria's Central Bank devalued the naira by 8 percent in November and then fixed the official exchange rate at an even lower 198 to the dollar, though it sells at 222 at exchange bureaus.

Unable to stem the slide, the Central Bank has defended the naira by restricting access to foreign currency and banning a long list of imports.

"It's like digging a hole to fill up another hole," said an editorial in Nigeria's huhuonline news website.

The restrictions are "quite detrimental," said the International Monetary Fund's Africa director, Antoinette Sayeh.

They "are already making it harder for the average person to buy milk," she said at the IMF annual meeting that ended in Peru this week, according to the organization's website.

She called for a review of the restrictions and for officials to "permit the exchange rate to continue to adjust."

http://www.google.com/url?q=http://news.yahoo.com/imf-calls-nigeria-allow-naira-currency-drop-160312544.html&sa=U&ved=0CBcQqQJqFQoTCLHWycbF2MgCFYM9Ggoda74EKg&sig2=VgEeYJkSMRVfv2_DZx_WYw&usg=AFQjCNE6xTIgSeQa066XXHliAxZj7Ziajw

PMB should say no to economic slavery !!!!

IMF cannot dictate to us.

We have Okechukwu Enelamah and Kemi Adeosun as prospective Finance ministers and you say there are no economists on the list!

Yeye dey smell big time.

PassingShot:
IMF cannot dictate to us.

We have Okechukwu Enelamah and Kemi Adeosun as prospective Finance ministers and you say there are no economists on the list!

Yeye dey smell big time.

it is a matter of time before they devalue

We have no option, the naira will be devalued.

Okanokan:
We have no option, the naira will be devalued.

most likely it will be done in December or January.sad case

onatisi:
most likely it will be done in December or January.sad case

Definitely before the 2016 budget is tabled before the National Assembly and that should before December. When i intimated Nigerian that we have no option earlier in the year i was called all sort of names, i did say at that Emiefele of the CBN was defending the indefensible. We are already in a Recession.

PassingShot:
IMF cannot dictate to us.

We have Okechukwu Enelamah and Kemi Adeosun as prospective Finance ministers and you say there are no economists on the list!

Yeye dey smell big time.

It means there are no World Bank or IMF tutored stooges to continue their bidding to get us perpetually enslaved.

PassingShot:
IMF cannot dictate to us.

We have Okechukwu Enelamah and Kemi Adeosun as prospective Finance ministers and you say there are no economists on the list!

Yeye dey smell big time.

It means there are no World Bank or IMF tutored stooges to continue their bidding to get us perpetually enslaved.

Okanokan:


Definitely before the 2016 budget is tabled before the National Assembly and that should before December. When i intimated Nigerian that we have no option earlier in the year i was called all sort of names, i did say at that Emiefele of the CBN was defending the indefensible. We are already in a Recession.

but I believe the devaluation could have been prevented ,if buhari had chosen his economic team on time .he wasted 5months selecting his economic team and even uptil now the team hasn't been constituted

onatisi:
but I believe the devaluation could have been prevented ,if buhari had chosen his economic team on time .he wasted 5months selecting his economic team and even uptil now the team hasn't been constituted

To some extent you are right, the team would have helped to fashion out responses to the crisis. However, that is not to say there would be no devaluation, but of importance is that in the absence of his own team Mr Buhari needed advice from the Jonathan team, what thier own responses would be granted the situation we find ourselves though its assumed they got us into the mess in the first place.
Mr Buhari economic solutions to the crisis were not well thought out from the TSA, BANKING REFORMS ie Domiciliary Account, Interest on Savings, Fixed amount that could be collected across the counter, to amount that could be collected through ATM, banning of certain IMPORTS etc, I knew the dice was cast.
Thirdly these policies are ancient and cannot be used for a mobile economy like that of Nigeria in the 21st century; It gives us away to Foreign Direct Investors(FDI) and even Local Investors that we can't be trusted.
Fourthly Mr Buhari lacked the knowledge and use of ECONOMIC DECEPTION or INTELLIGENCE which he could have explored to gather the neccessary information from the JONATHAN TEAM not HANDOVER NOTES, before making and taking his decisions, and the mistakes were made because he used the Anti-Corruption issue as the central plank to his government but nobody kills corruption in one swoop. However, i have heard people say Emenelah is good, but i know he will also call for devaluation of the NAIRA. Its a tough one. We must have HOPE because its our resilience that will pull us through.

Okanokan:


To some extent you are right, the team would have helped to fashion out responses to the crisis. However, that is not to say there would be no devaluation, but of importance is that in the absence of his own team Mr Buhari needed advice from the Jonathan team, what thier own responses would be granted the situation we find ourselves though its assumed they got us into the mess in the first place.
Mr Buhari economic solutions to the crisis were not well thought out from the TSA, BANKING REFORMS ie Domiciliary Account, Interest on Savings, Fixed amount that could be collected across the counter, to amount that could be collected through ATM, banning of certain IMPORTS etc, I knew the dice was cast.
Thirdly these policies are ancient and cannot be used for a mobile economy like that of Nigeria in the 21st century; It gives us away to Foreign Direct Investors(FDI) and even Local Investors that we can't be trusted.
Fourthly Mr Buhari lacked the knowledge and use of ECONOMIC DECEPTION or INTELLIGENCE which he could have explored to gather the neccessary information from the JONATHAN TEAM not HANDOVER NOTES, before making and taking his decisions, and the mistakes were made because he used the Anti-Corruption issue as the central plank to his government but nobody kills corruption in one swoop. However, i have heard people say Emenelah is good, but i know he will also call for devaluation of the NAIRA. Its a tough one. We must have HOPE because its our resilience that will pull us through.

in the fabric of development and national progress .it isn't enough just to have the best brains and mind in your team but the political will to back them up and give them the necessary morale support in the face of strong negative political forces. To be honest I see the best minds in this buharo cabinet been frustrated out and their efforts rendered useless due to the Nigerian factor. Their proposed policies will definitely be against the interests of the elites and I see the elites using their political influence to destroy these ppl efforts

onatisi:
in the fabric of development and national progress .it isn't enough just to have the best brains and mind in your team but the political will to back them up and give them the necessary morale support in the face of strong negative political forces. To be honest I see the best minds in this buharo cabinet been frustrated out and their efforts rendered useless due to the Nigerian factor. Their proposed policies will definitely be against the interests of the elites and I see the elites using their political influence to destroy these ppl efforts

For Mr President to pull Nigeria through, he must be prepared to DIE for Nigeria sake. The Nigerian Elites will not avail him the opportunity to create an ALL INCLUSIVE INSTITUTIONS for the benefit of all. Buhari means well but the issues are beyond meaning well, like Goodluck Jonathan Slogan, GOODLUCK NIGERIA! Its beyond it.

PassingShot:
IMF cannot dictate to us.

We have Okechukwu Enelamah and Kemi Adeosun as prospective Finance ministers and you say there are no economists on the list!

Yeye dey smell big time.

is okey really an economist? From his cv he seems more of an investment guy rather then economic policy guy