On Friday, the Chief Economist at SPM Professionals, Paul Alaje, called on the federal government to exercise caution when interpreting advice from global financial institutions like the World Bank and the International Monetary Fund (IMF).
The exchange rate is “the elephant in the room.” Everything this administration has accomplished will be lost if the value of the Naira rises to 2,000. Because of this, we must exercise tremendous caution and ignore the niceties of what certain institutions are trying to tell us,” he stated.
Alaje’s caution follows a number of recommendations made by the organisations for the Nigerian government and other nations to implement various measures to steer their economies in the correct path.
Nigeria and other nations with high inflation were advised by the IMF on Tuesday to implement stricter monetary policies in order to stabilise their economies.
This was said in Washington at a news conference announcing the World Economic Outlook (WEO) at the present IMF/World Bank annual meetings by Pierre-Olivier Gourinchas, the IMF’s director of research and economic adviser.
