2020: Stretching Monetary Managers To Breaking Point

The monetary authority, the Central Bank of Nigeria (CBN) won’t forget 2020 in a hurry. 2020 began like every other year, the economy blazing on full throttle, posting a modest positive Gross Domestic Product (GDP) of 1.87 per cent in the first quarter of 2020. COVID-19: UK strain variant not found in Nigeria yet —NCDC DG COVID-19: A Second national lockdown is needless! The CBN had projected Nigeria will close the year with a healthy GDP of 2.35 per cent. Then COVID-19 struck, and with oil prices plummeting simultaneously, the economy took a tailspin. It wouldn’t withstand the turbulence. It …

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