Nigerians are getting poorer, says IMF

Nigerians are getting poorer despite the country’s slow recovery from recession and economic reforms are urgently needed, the International Monetary Fund has said.

The Fund expects the government to “muddle through” in the medium term, and any progress could also be threatened if elections next year consume political energy and resources, it said in a report seen by Reuters on Wednesday.

The Fund further singled out the central bank, saying it should discontinue direct interventions in the economy.

The Central Bank of Nigeria frequently injects hundreds of millions of dollars into the foreign exchange market to keep its own rates stable.