The board of the World Bank early Wednesday approved Nigeria’s long-standing request for about a billion dollars credit to support the country’s power sector recovery.

The request received an overwhelming support from all countries voting, a source told BusinessDay. Even countries like the US, France and the UK were all supportive of the programme which is conceived around a pledge to enthrone cost reflective electricity tariffs.

New electricity tariff bands are expected to go into enforcement from July 1.

The approval along with others anticipated, will significantly ease Nigeria’s foreign exchange crisis and help Africa’s largest economy fast-pace the unification of its multiple exchange rates around the I&E window which closed at N386.63 to the dollar on Tuesday.

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