The International Monetary Fund (IMF) has again revised growth projections for Nigeria and other sub-Saharan African countries, saying that the Africa’s largest economy will probably contract by 1.8 percent this year.
In an update on its latest World Economic Outlook (WEO), the IMF said on Tuesday that the Nigerian economy would now grow at a much slower pace than South Africa’s, which is expected to grow at 0.1 percent in 2016.
The Nigerian economy will contract for the first time in more than two decades as it “adjusts to foreign-currency shortages as a result of lower oil receipts, lower power generation and weaker investor confidence,” the IMF said.
Meanwhile, the Naira on Tuesday immediately reacted to the International Monetary Fund adjustment on Nigeria’s economic outlook by sliding to all time low at the inter-bank market.
The Naira weakens 3.4% to N293.25 to a dollar at 3:23pm in Lagos, the commercial hub of Nigeria.
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