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IMF Says Nigeria Must Remove Currency Curbs as Growth Slows

  • Economic growth estimated to have slowed to 2.8% in 2015
  • Nigeria needs to boost non-oil revenue, collect more taxes

The International Monetary Fund called on Nigeria to stop pegging its currency and to remove curbs on access to foreign exchange as economic growth is estimated to have eased to its slowest pace in 16 years amid low oil prices.

The economy of Africa’s largest oil producer expanded 2.8 percent last year, compared with 6.3 percent in 2014, the IMF said in a statement on Wednesday. That’s probably reversed progress in reducing widespread unemployment and poverty, while straining the banking industry and company balance sheets, the Washington-based lender said.