The Executive Board of the International Monetary Fund (IMF) has completed the Review of Poverty Reduction and Growth Trust (PRGT) Facilities and Financing, the IMF’s vehicle for providing concessional financing to low-income member countries.

In a statement on October 15, 2024, Kristalina Georgieva, Managing Director of the Fund announced: “Our membership today has adopted a comprehensive reform and financing package for the Poverty Reduction and Growth Trust (PRGT) to bolster the IMF’s support to low-income countries.”

“The package includes a framework to deploy IMF net income and/or reserves to generate about US$8 billion in additional subsidy resources for the PRGT over the next five years,” she noted.

She said: “Combined with other reform measures and last year’s successful bilateral fundraising, this would increase the PRGT’s long-term annual lending envelope to about US$3.6 billion, more than twice the pre-pandemic level, and help catalyse significant additional flows from public and private sources.”

This agreement, the IMF MD noted, “comes at a critical time as low-income countries have suffered a series of unprecedented shocks and face substantial financing needs.”

“With exceptionally high demand for PRGT financing, the approved package will generate the concessional resources necessary to ensure that the Fund can continue supporting low-income countries to implement sound policies and build strong institutions,” explained Ms Goeigieva.

These reforms, she highlighted, “will help tailor IMF support to country-specific needs, recognising the increasing economic heterogeneity of low-income countries.”

To ensure that scarce concessional resources are targeted to those most in need, she mentioned that, “A new interest rate mechanism will maintain interest-free lending for the poorest countries while ensuring that lending terms for others have a sufficient degree of concessionally.”

Access policies, she added, “Will allow for flexibility in calibrating Fund support, and safeguards will be strengthened and streamlined.”

“Our global membership has demonstrated once again its shared commitment to support our low-income members in challenging economic times,” she said.

Source: classfmonline.com

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said weak naira presents an opportunity for the country to boost its exports to other nations.

Cardoso spoke Wednesday in Abuja during the Nigerian Economic Summit (NES).

According to the CBN governor, there are opportunities for people to invest despite the weak currency.

He said: “In terms of persuasion, what we need now is to ensure that investments are here. Take, for example, now it may seem like a threat in the sense that the exchange rate has come down so low.

“But that also is an opportunity because what that means is that it can help to boost your exports. This will make Nigeria to become a lot more competitive in the export trade. I just want to encourage people to say that the opportunities are here. Things are recalibrating in a particular direction. It’s not perfect, but definitely there opportunities for people to single out and invest.

“By the time you are exporting out to other countries with the cost of import here and the relatively low naira, you will have a situation where you have to do things like that. And I see it happening. Others are doing it and the interest is growing in leaps and bounds.”

Cardoso emphasised the position of the Chief Economist of the World Bank Group, Indermit Gill, that the country must maintain its current reforms for the next 10 to 15 years to transform its economy.

He further disclosed that not only the World Bank but other financial institutions as well as rating agencies have commended the apex bank’s effort in transforming the economy.

Cardoso therefore stated that to fully reap the benefits of the policies set in motion, the bank needs to stay on course.

He said: “The issue of the World Bank Chief Economist. I wasn’t here. But I read the speech. To be honest, my interpretation wasn’t how others perceived it. I think he was basically misunderstood.

“My understanding of what he said is that the policies that the Central Bank is taking are putting Nigeria on the right track.

“Frankly, I did not mention the World Bank when I said earlier that if you look at the rating agencies and other international financial institutions, it’s all the same thing. And they are all saying the same thing. And I doubt that they might all be wrong.”

In its latest edition of Africa’s Pulse report, the World Bank listed naira among the worst-performing currencies in sub-Sahara Africa in 2024.

It showed that the naira is at par with the Ethiopian Birr, and South Sudanese Pound in terms of decline in the region.

The report said the continued increase in the demand for dollars and limited dollar inflow is responsible for naira depreciation in the last months.

According to the report, as of August, the naira lost about 43 percent.

By Mario Deepromoter

WHEN we look at this month, USD was traded at ₦1690 at the beginning of this October on Tuesday, October 1, 2024. As at today with USD being traded at ₦1,699 we see a -16.89% decline for United States Dollar to Naira exchange rate for this month.

On this page, we are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.

Black Market Exchange Rates
Buying Rate
Selling Rate
Dollar to Naira 1699 1688
Pounds to Naira 2252 2217
Euro to Naira 1854 1830
Canadian Dollar to Naira 1231 1223
Rand to Naira 52 43
Dirham to Naira ‎0 0
Yuan to Naira 62 62
G.Cedi to Nair 70 50
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF) To Naira 0.74 0.74

Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.

Nairatoday com