Shrinking dollar supply from the central bank is forcing buyers onto the streets for hard currency.Photographer: Michele Spatari/AFP/Getty Images
AFRICA
Corruption and Nigeria’s Dirty Dance with the Banks
Following the spring meeting of the World Bank and International Monetary Fund in Washington, D.C. last month, Nigeria's Finance Minister, Wale Edun, announced the Nigerian Federal Government's qualification for a $2.25 billion loan from the World Bank, while Nigeria's president is under fire for potentially misappropriating more than $3 billion in emergency funding received from the IMF in 2020. The World Bank loan proposes $1.5 billion in development policy financing and $750 million in program-for-results financing.