LAGOS, Dec 10 (Reuters) - The World Bank said Nigeria needs
to deepen naira reforms before it can approve a $1.5 billion
loan, its country director said on Thursday.
The much-needed support is key for Nigeria to survive low
oil prices and make it through the economic shock of the
COVID-19 pandemic.
World Bank loans are often contingent upon reforms, and its
officials said previously it was "recommending" a more unified,
flexible exchange rate. The Nigerian naira hit 500 per dollar on
the black market last month as a dollar scarcity squeezes the
economy.