"Time To Panic"? Nigeria Begs World Bank For Massive Loan As Dollar Reserves Dry Up
!["Time To Panic"? Nigeria Begs World Bank For Massive Loan As Dollar Reserves Dry Up "Time To Panic"? Nigeria Begs World Bank For Massive Loan As Dollar Reserves Dry Up](https://5ux.com/sites/5ux.com/files/styles/medium_250/public/resize/remote/2096ba93723344025719833e19b7b240-600x309.jpg?itok=EY4qxsEH)
Having urged "don't panic" just 4 short months ago, it appears Nigeria just did just that as the global dollar short squeeze forces the eight-month-old government of President Muhammadu Buhari to beg The World Bank and African Development Bank for $3.5bn in emergency loans to help fund a $15bn deficit in a budget heavy on public spending amid collapsing oil revenues. Just as we warned in December, the dollar shortage has arrived, perhaps now is time to panic after all.