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Vol 64 No 19

Published 21st September 2023


Cash crunch tests Tinubu's top finance team

The government is hunting for foreign exchange to stabilise the naira and speed up growth after its reform shocks

The nomination of Olayemi Michael Cardoso, a former chairman of Citibank, as governor of the Central Bank of Nigeria (CBN) opens the next chapter of President Bola Ahmed Tinubu's economic reforms. His priorities are to push down inflation, at over 25% last month, and to stabilise the fast-depreciating naira by drawing in forex inflows and boosting exports. Key will be pushing oil production to Nigeria's OPEC quota of 1.7 million barrels a day from last month's average output of 1.2 m b/d. That's Tinubu's task as oil minister.

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