Economy
IMF Praises Zambia’s Move to Further Ease Monetary Conditions

By Modupe Gbadeyanka
The decision of the apex bank in Zambia, the Bank of Zambia (BoZ), to further ease monetary conditions in the country has received commendations of the International Monetary Fund (IMF).
The global financial firm, in a statement, said it also welcomed BoZ’s efforts to strengthen its supervision of the financial system, including with technical assistance from the IMF.
From May 31-June 10, 2017, a team of IMF led by Mr Tsidi Tsikata, visited Zambia to continue discussions on the 2017 Article IV consultation and the authorities’ request for an IMF-supported program.
During the meeting, the IMF team met with President Edgar Lungu; Minister of Finance, Felix Mutati; BoZ Governor, Denny Kalyalya; Minister of Agriculture, Dora Siliya; Minister of Development Planning, Lucky Mulusa; other senior government and BoZ officials; members of parliament; and representatives of the private sector, labour unions, civil society organizations, and Zambia’s development partners.
At the end of the visit, Mr Tsikata said both parties agreed on remaining actions needed to reach staff-level agreement on a program that could be supported under the IMF’s Extended Credit Facility (ECF).
He explained that the remaining actions entail measures to improve fiscal performance and concrete steps toward implementation of key policies contained in the 2017 budget.
Mr Tsikata said the IMF aims to reach understandings in the coming weeks that would form the basis for presenting the authorities’ request for an ECF arrangement and the report on the 2017 Article IV consultation to the IMF Executive Board in August 2017.
“The near-term outlook for the economy has improved in recent months, driven by good rains and positive sentiments in the financial markets as evidenced by increased foreign investor participation in the government securities market.
“A bumper harvest and increased hydroelectricity generation are expected to boost economic activity by more than previously projected; IMF staff project real GDP growth to improve slightly from the revised official rate of 3.4 percent in 2016 to about 4 percent in 2017.
“We also project the annual inflation rate (6.5 percent in May) to remain at single-digit levels, notwithstanding the impact of the move toward cost-reflective electricity tariffs,” he said in his report.
The IMF team leader noted further that, “Improved fiscal performance and discipline are needed to sustain market confidence. Fiscal performance in the first four months of 2017 was mixed relative to budget estimates. Total domestic revenue (tax and nontax) fell short of the projected level while total expenditures appeared to be broadly in line with the budget.
“However, on the expenditure side, while the government has cleared substantial arrears, it appears that new arrears may be emerging. The government is taking steps to strengthen commitment control, including by expanding the coverage of the Integrated Financial Management Information System (IFMIS) to all central government agencies.
“Other remaining fiscal measures relate to reduced spending on the Farmer Input Support Program through improved targeting of beneficiaries and limiting maize purchases to the level in the budget.”
He said, “Weaknesses in the management of public finances and public investment pose significant risks to the 2017 budget objectives of “restoring fiscal fitness for sustained inclusive growth and development” and scaling up social spending. In that context, IMF staff welcomed the heightened attention and efforts underway to strengthen the legal framework for managing public resources, including the introduction of the Planning and Budgeting Bill, and amendments to the Public Finance and Public Procurement Acts. IMF staff urged the authorities to continue strengthening their public debt management capacity in order to underpin their efforts to put public debt on a sustainable path.”
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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