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Economic crisis: Nigerian govt runs to World Bank for $1.5b

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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.

Pmnews.ng reports that 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.

The Minister of Finance, Wale Edun, has disclosed that Nigeria is in talks with the World Bank for up to $1.5 billion in 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.

Wale 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” he said.

“It is a matter of discussion at the moment, but we think we will get the support because we are continuing with our reforms.”

Pmnews.ng reports that the Naira depreciated significantly for a consecutive time against the US Dollar in the foreign exchange market on Wednesday.

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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 an 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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