The IMF had earlier noted that the Nigerian economy would witness a deeper contraction of 5.4%.
Before joining the IMF, Ogada worked at the United Nations Conference on Trade and Development.
Before Arezki joined the World Bank, he worked at the International Monetary Fund (IMF).
IMF's data showed that global reserves dipped to $11.731 trillion from $11.824 trillion in Q4 2019.
IMF warns that the reductions in GDP due to COVID-19 will widen inequality.
The IMF expects poorer nations dealing with the virus to have longer economic recoveries.
African Finance ministers had asked for debt relief from multilateral Institutions amid the coronavirus crisis.
Invest in funds that are denominated in currencies other than the Naira.
Even with lockdowns being partially eased, IMF warned that there could be an even worse decline.
Based on the terms of the Rapid Financing Instrument, Nigeria is expected to pay back the loan between within 3¼ to 5 years.