Our website use cookies to improve and personalize your experience and to display advertisements (if any). Our website may also include cookies from third parties like Google Adsense, Google Analytics, and Youtube. By using the website, you consent to the use of cookies.

Nigeria needs more naira reform for $1.5 bln World Bank loan, country director says

Nigeria needs more naira reform for $1.5 bln World Bank loan, country director says

THE World Bank needs Nigeria to strengthen reforms of its currency, the naira, before it can approve a $1.5 billion loan, its country director has said. Nigeria needs the support to survive low oil prices and make it through the economic shock of the COVID-19 pandemic. World Bank loans are often contingent upon reforms, and its officials said previously it was "recommending" a more unified, flexible exchange rate. The Nigerian naira hit 500 per dollar on the black market last month as a dollar scarcity squeezed the economy. "We recognize how much Nigeria has done," Shubham Chaudhuri, the World Bank's…
Read More