IMF cautions FG against CBN Act amendment  

0 190

The International Monetary Fund (IMF) has advised against proposed amendments to the Act establishing the Central Bank of Nigeria (CBN), emphasizing the need to enhance the apex bank’s strength. This position was conveyed in the Article IV Staff Consultation Report released by the IMF Board of Governors in Washington.

The IMF Directors supported Nigeria’s intention to transition to an inflation targeting regime and recommended strengthening central bank independence and communication for a successful transition. They cautioned against amendments that could weaken the autonomy of the CBN, stressing the importance of maintaining a tight monetary policy stance to curb inflation.

Furthermore, the IMF commended Nigeria’s efforts to reform fuel price subsidies, unify foreign exchange windows, and focus on revenue mobilization, governance, and monetary and exchange rate policy frameworks. They emphasized the need to scale up cash transfer programs to mitigate food insecurity and boost government revenues to enhance service provision.

Source: Vanguard

Leave A Reply