The Minister of Finance, Wale Edun, has disclosed that Nigeria is in talks with the World Bank for up to $1.5 billion funding to alleviate a severe dollar shortage.
He said the move will also support the national budget as
the severe dollar shortage has contributed to the Naira’s steep decline.
Edun said this on Wednesday in a Bloomberg Television
interview with Francine Lacqua.
“We’re hoping to get $1 billion or $1.5 billion from the
World Bank.
“It is a matter of discussion at the moment, but we think we
will get the support because we are continuing with our reforms,” he said.
The Naira depreciated significantly
for a consecutive time against the US Dollar in the foreign exchange market on
Wednesday.
Data from FMDQ showed that the Naira dropped to N931.23 per
US dollar on Wednesday from N878.57 per Dollar on Tuesday.
The figure represents a N52.72 loss or a 6 per cent decrease
in the local currency compared to the N878.57 it closed on Tuesday.
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