World Bank Clarifies $10.50m Funding to CBN as Grant, Not Loan

• The World Bank has clarified that the $10.50 million funding for the Central Bank of Nigeria (CBN) is a grant, not a loan, as initially reported.

• The funding is part of the Finance for Development Multi-Donor Trust Fund and aims to improve the CBN’s technical capacity and modernise domestic payment infrastructure.

The World Bank has officially clarified that the $10.50 million funding for the Central Bank of Nigeria (CBN) is not a loan but a grant.

A source from the World Bank, speaking under anonymity, explained that the amount is being provided through the Finance for Development Multi-Donor Trust Fund, a collaboration between the World Bank and the CBN.

Initially, reports had suggested that Nigeria was seeking a loan to boost the CBN’s technical capacity and modernize the country’s payment infrastructure.

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Further investigation confirmed that the financing is a grant designed to enhance the CBN’s supervisory capabilities and improve Nigeria’s domestic payment systems.

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This collaboration is part of a broader effort to integrate innovative technologies into the CBN’s operations, especially in the realm of remittances.

The project, which is still in its concept review stage, aims to strengthen the CBN’s ability to supervise financial institutions using advanced, data-driven technologies.

The project is scheduled for a board presentation on June 12, 2025. The CBN will lead its implementation in close partnership with the World Bank.

CBN Injects $197.71 Million into FX Market to Boost Liquidity

The Central Bank of Nigeria (CBN) has injected $197.71 million into the foreign exchange market, as part of its commitment to ensuring adequate liquidity and maintaining orderly market functioning.

This was disclosed in a statement on Saturday by the Director of the Financial Markets Department, Dr. Omolara Omotunde-Duke.

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