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World bank refuses to loan nigeria until 2017

World bank refuses to loan nigeria until 2017

WORLD BANK REFUSES TO LOAN NIGERIA UNTIL 2017

BY OMOKHUALE PUAH

World Bank and other international lenders have refused to lend out money to Nigeria.

Embedded in a report from the Financial Times, it was discovered that the International Monetary Fund (IMF) and World Bank is demanding some financial reforms from Nigeria, before it could be granted a loan.

On Wednesday last week, the Central bank of Nigeria (CBN) made an attempt to lend a sum of N129.67bn in a short-dated Treasury bill from the World Bank.

In view of the attempted loan, the Apex bank said that it would raise N28bn in three-month paper, N33.49bn in six-month bills and N 68.18bn in one-year bills.

According to Apex bank, the nation’s interbank lending rates were flat at 15.25 percent for overnight lending that Friday, as the market liquidity dropped because of persistent sales of Treasury bills by the central bank.

Still on the trend, Reuters reported on Friday, that cash balance was not available with the central bank, but traders said that insisted that market liquidity should be below N100bn, due to consistent cash withdrawal by the CBN via Treasury bill sales.

Traders complained that the CBN had sold about N1.2trn in the Operations treasury bills at 14 auctions in one month at a bid to reduce liquidity in the banking system and curb pressure on the foreign exchange market.

On this note and others, the World Bank said it would no longer disburse loans until 2017 at the earliest.

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