The World Bank had earlier warned if Nigeria stops the spread, the economy would dip by 3.2%, but if not contained by later this year it could dip as low as 7.4%.
” Pressure in the external sector and the stress Covid-19 caused in global financial market could destabilise Nigeria’s financial sector ” World Bank warned.
” The gradual lifting of restrictions may reveal a need for further market adjustments”.
Nigerian Banks petitioned CBN to restructure about 30% of their loans as the Pandemic has heavily affected the business climate.
World Bank also expects inflation by the end of the year to reach 13.8% compared to 11.4% last year.
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