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Friday, 11 December 2020

'The World Bank will not lend Nigeria until the value naira increases'


The World Bank says Nigeria needs to step up its recovery efforts before approving the $ 1.5 billion loan it needs.

World Bank Country Director for Nigeria Shubham Chaudhuri made the announcement on Thursday as the dollar continues to weaken in the market, Reuters reported.

Last month, the dollar sold for about 500 naira in the open market.

Nigeria is seeking loans to recover from the economic crisis caused by the cholera epidemic and the fall in crude oil prices.

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