The Central Bank of Nigeria (CBN) has signed a landmark agreement with the International Finance Corporation (IFC), a member of the World Bank Group to strengthen naira .
This partnership is expected to significantly boost local currency financing and reduce exposure to foreign exchange risks for Nigerian businesses.
According to a joint statement from the CBN and IFC, the agreement aims to support Nigerian businesses across various critical sectors, including agriculture, housing, infrastructure, energy, small and medium-sized enterprises (SMEs), and the creative industry.
The initiative will enable IFC to manage currency risks effectively and deepen its financial commitments within Nigeria, providing critical support to sectors that are crucial for the country’s economic growth.
“This collaboration is a major tool in expanding access to local currency financing, especially in sectors that require stability against foreign exchange volatility,” the statement noted.
Under this new agreement, IFC is targeting over $1 billion in financing to increase its investment footprint in Nigeria.
The funding is expected to bolster local industries and support job creation, while also reducing the dependency on foreign-denominated debt—a significant factor in stabilizing the Naira.
The CBN’s latest partnership with the IFC marks a significant step in addressing Nigeria’s currency challenges and creating a more resilient financial environment for both foreign and domestic investors.
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