The Federal Government says that the Development Bank of Nigeria, a financial institution that would bridge the gap between the Bank of Industry and other commercial banks as well as meet the funding needs of the micro, small medium enterprises would soon become operational.
The Minister of Finance, Mrs. Kemi Adeosun, stated that a total of $1.3 billion would soon be released for the take-off of the institution.
Adeosun while speaking on the outcome of the International Monetary Fund/World Bank annual meetings, said agreement on the Development Bank of Nigeria was reached at the meetings.
This is just as the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele who was also at the briefing, assured Nigerians that the central bank would continue to look at how to fine-tune the flexible exchange rate regime so as to ensure exchange rate convergence.
The DBN is being supported by the World Bank and the European Investment Bank.