An Avoidable Recession is Frighteningly Close - FDC

Proshare

 

Friday, June 03, 2016 6:10PM /FDC

With diesel at N180 per liter and a bag of rice at N17,500, Nigerians sweltering under high inflation and an imminent recession, are said to be suffering and smiling.

However, they have absolute confidence in the integrity of the Buhari/Osibanjo team and are awaiting with bated breath, the forex policy guidelines and rate.

Monthly oil revenues have dipped from $1.2bn per month earlier in the year, to $500m. This is likely to trigger an external and balance of payment crisis.

The market cannot afford any further delays and procrastination on the exchange rate, as this could make a bad situation worse. The risk of a policy reversal and ideological backsliding is now looming with possible devastating consequences.

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