Boost for naira as Nigeria to receive $1.5bn World Bank loan by year-end

Nigeria’s embattled naira is set for a lift after lawmakers approved plans by the government to seek a $1.5 billion loan from the World Bank.

Wale Edun, the Finance Minister, told reporters in Abuja, the capital city, on Monday that the funding will be concessionary and is expected to be secured by December.

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Nigeria will also seek $80 million of financing from the African Development Bank, he said.

The naira weakened to N778.80 per US dollar on Monday at the official market, according to data from FMDQ but was stable at N1,049 per USD on the streets.