CBN, World Bank group partner to strengthen Naira, boost investments in key sectors

The Central Bank of Nigeria (CBN) has entered into a significant agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to strengthen the naira and promote investment in Nigeria.

This partnership aims to expand local currency financing for businesses, reducing foreign exchange risks and supporting economic stability.

The IFC plans to inject over $1 billion in financing, which will help scale investments across key sectors such as agriculture, housing, infrastructure, energy, small and medium enterprises (SMEs), and the creative industry.

By enabling more access to naira-based financing, the partnership is expected to mitigate currency risks for businesses, fostering a more resilient economic environment for growth and innovation.