Unifying Naira's exchange rate will take time, Nigerian Govt tells World Bank

The Nigerian government has said that unifying the exchange rate of Naira will not happen “overnight”., the finance minister, Zainab Ahmed, said the government has taken steps to meet the lender’s requirements but said its insistence that the gap between the spot and the parallel market rates be closed will take time.

“Our point is that it’s not what you do overnight,” Mrs Ahmed told journalists on Thursday. “It’s not that you wake up and make a pronouncement and that happens. It’s something that you have to do overtime taking several measures and working systematically for it to happen.” “So, we are still pushing our view with the World Bank and we hope to convince them that this requirement has been met and that they should now give us the approval to go ahead and release the $1.5 billion that we have been discussing with the World Bank. But having said that, the World Bank during 2020 has also given us approval for a number of facilities.

She also spoke about other subjects such as the rise in the price of crude oil, the government’s debt, and the plan to present a supplementary budget.The more revenue we realize out of the budget, the less we borrow. As we see the oil price rising and provides us more revenue, it provides us some reliefs. We will be able to reduce our borrowing so, it is a positive thing for us and also, we have a position in the 2021 budget for immunization.

You people have collected so much loan that this world bank and IMF want to start dictating to us again...

But to ban crypto activities no take time. To freeze protesters account no take time.

Because the market is favoured by Northern parasites.

Yes because the elite use the black market to take advantage of the masses by siphoning our commonwealth without trace through BDCs. But what do I know?

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

PEAC, naira exchange rate and the economy | The Guardian Nigeria News - Nigeria and World NewsFollowing its appointment in September 2019, the Presidential Economic Advisory Council (PEAC) became the unseen hand on economic matters behind the President.
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Naira abusers risk six months jail, CBN warns | The Guardian Nigeria News - Nigeria and World NewsSpeaking at the CBN Fair at Dora Akunyili Women Development Centre, Awka, Anambra State, yesterday, the Principal Manager, Currency Operations Department, Mrs. Dorothy Onyene, cautioned traders, farmers and other Nigerians to stop rough-handling the naira notes in circulation. Our Politicians still de abuse am. Even now. Arrest them!!! ..... and bokoharam member cut visits the villa, and then straight to Canada for studies 😂😂😂😂Mad country 🇳🇬
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Access Bank gets nod to acquire South African bank - Punch NewspapersThe most widely read newspaper in Nigeria The way myaccessbank is acquiring other banks they may acquire cenbank one day. Access again! Toorr
Source: MobilePunch - 🏆 8. / 63 Read more »

Access Bank acquires third bank in eight months, takes over South Africa’s GrobankThe South African acquisition is its third in eight months, having taken over Kenya’s Transnational Bank in July and Zambia-based Cavmont Bank in January.
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Central Bank May Sanction Nigeria’s First Bank Over Appointment Of New CEO | Sahara ReportersThe appointment of a new CEO, Shobo, to replace the former CEO, Dr Sola Adeduntan, had been disclosed by the bank in a statement made by the bank’s Chairman, Ibukun Awosika. cenbank FirstBankngr Does this not tantamount to meddling in the internal affairs of a private business? How does the removal of an MD the business of cenbank ? Emefiele and CBN have started going nuts. Obviously the out gone MD is a person of special interest to the CBN and for some fishy reasons
Source: SaharaReporters - 🏆 9. / 63 Read more »