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IMF's Lagarde Says Nigeria Needs Flexibility in Monetary Policy

Nigeria needs more flexibility in setting monetary policy so it can use its foreign currency reserves to support the poor population if low oil prices persist, said International Monetary Fund Managing Director Christine Lagarde.

“With a very clear ambition to support the poor people of Nigeria, there could be added flexibility in the monetary policy, particularly if, as we think, the price of oil is likely to be lower for longer,” Lagarde told reporters in the Nigerian capital of Abuja after a closed-door meeting with President Muhammadu Buhari and members of his cabinet.