World Bank delays approval of $1.5bn loan to Nigeria

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world bank group - gmnblog

The world bank is delaying approval of Nigeria’s request for $1.5bn loan due to concerns of reforms.

Sources have told reuters that the major reasons for the delay or concern by world bank to release the loan is because of Naira reform.

Although both the International Monetary Fund and World has advised Nigeria in the past to float its currency and allow market forces determine the Value of Naira.

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According to reports the world bank had aimed to bring the loan request to its board or approval this August but now the approval will be delayed to October.

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