Nigeria is currently facing a serious dollar shortage, but Finance Minister Wale Edun has revealed that the country is in discussions with the World Bank to secure finance of up to $1.5 billion.
Because of the severe dollar shortage, which has contributed to the precipitous depreciation of the Naira, he claimed that the measure will also boost the national budget.
This was said by Edun on Wednesday during an interview with Francine Lacqua on Bloomberg Television.
The World Bank has offered us a funding target of $1 billion to $1.5 billion.
We are continuing with our reforms, so we anticipate we will gain support, but it is still a question of discussion, he said.
In Wednesday’s foreign currency market, the Naira fell sharply against the US dollar for the second day in a row, according to SAREWAHAUSA.
The FMDQ data revealed that the Naira fell from Tuesday’s value of N878.57 per dollar to Wednesday’s value of N931.23.
When compared to Tuesday’s closing price of N878.57, the local currency fell by 52.72, or 6 percent.
To help with the country’s severe dollar shortage, Nigeria is in discussions with the World Bank for finance of up to $1.5 billion, according to Minister of Finance Wale Edun.
Because of the severe dollar shortage, which has contributed to the precipitous depreciation of the Naira, he claimed that the measure will also boost the national budget.
This was stated by Wale Edun on Wednesday during an interview with Francine Lacqua on Bloomberg Television.
“We’re hoping to get $1 billion or $1.5 billion from the World Bank,” he stated.
“We believe we will receive the support because we are continuing with our reforms, but it is currently up for debate.”
In Wednesday’s foreign currency market, the Naira fell sharply against the US dollar for the second day in a row, according to SAREWAHAUSA.
The FMDQ data revealed that the Naira fell from Tuesday’s value of N878.57 per dollar to Wednesday’s value of N931.23.
The local currency depreciated by N52.72, or 6%, from its Tuesday closing value of N878.57.
admin
