The Central Bank of Nigeria has signed an agreement with the International Finance Corporation (IFC) of the World Bank Group, saying it is part of efforts to boost the Naira and further drive investments into the country.
The agreement aims to enlarge local currency financing for Nigerian businesses and cut foreign exchange risks.
“Many of these sectors require local currency financing, and IFC’s partnership with the (central bank) is a key tool in expanding access,” the statement from the agencies said.
The IFC, a World Bank Group member, says it aims to target over $1billion financing and “significantly scale up” its investment in the country.
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The partnership will enable IFC to manage currency risks and increase its investments in Nigeria’s naira currency across agriculture, housing, infrastructure, energy, small and medium-sized enterprises, and the creative industry.
Sahara Reporters
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