Economic Crisis: Nigerian Govt ‘Runs’ To World Bank, Demands $1.5 Billion

The Minister of Finance, Wale Edun, has said that Nigeria is in talks with the World Bank for up to $1.5 billion in funding to alleviate a severe dollar shortage.

He explained that the move would support the national budget as the severe dollar shortage has contributed to the Naira’s steep decline.

The minister stated this on Wednesday in a Bloomberg Television interview with Francine Lacqua.

According to him, “Nigeria is 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.”

Naija News 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 an N52.72 loss or a 6 per cent decrease in the local currency compared to the N878.57 it closed on Tuesday.