Nigerians Can't Buy Milk - IMF

The international Monetary Fund, IMF has again asked the Nigerian government to devalue the Naira.

At its current meeting in Lima, Peru, the fund said Nigeria's restrictions on 41 items is hurting the economy."Already, the people are finding it difficult to buy milk" Ms Antonette Sayet, an official said.

"The country should allow the currency to float by itself"

The Nigerian government put a cap in forex spending to help "save" the Naira. The move has not helped the economy .
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The country was exited from the influential JP Morgan Bond Index as a result.

The country's predicament is compounded by two things.
Its oil revenues have fallen by more than half In less than 11 months.
It is also heavily dependent on imports.

It Is actually a matter of time before the control be lifted. And the government fears capital flight when the pedals are off the forex regime.

That is now inevitable.
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