African Development Bank President Akinwumi Adesina told CNBC Africa that it is supplying Nigeria with counter-cyclical funding as it is too big to fail.
The bank will provide it with $1 billion budget support programme which includes a number of policy reforms. For more details watch the video.
On Monday Adesina said Nigeria needs to coordinate its fiscal and monetary policy more closely.
“I think the naira is devalued, but…monetary policy and also the fiscal policy that synchronisation, that is very very important,” Adesina said during a panel discussion at the FT Africa Summit in London.
“There is a lot of pressure put on the naira.”